Wrestling manager Honest "Ham" Hamilton (Jack Oakie) is in hock up to his neck - and his continental creditors are calling due. So Ham is counting on his star wrestler, Mike Scanlon (Gordon Jones), to take a dive, allowing Ham to settle his tab. Nightclub crooner Robert Densmore (John Boles) has a dilettante debutante fiancée, Marcia (Margot Grahame), who has bet big on Mike, however, and is sitting ringside. Catching Mike's eye, Marcia brings enough heat to bear to inspire Mike to win the match. Ham and Robert cross paths thanks to Ham's inventive retreat from the ring, and Ham takes on managing Robert while Marcia, in turn, takes on Mike. Fleeing to Budapest, Ham is stuck with a despondent Densmore. Attempting to perform one quirky feat of reverse psychology, Ham points Densmore towards the vivacious ventriloquist Marietta (Ida Lupino), but Marietta's beau (Erik Rhodes) is the deadliest swordsman in Europe!