Two down-on-their-luck loafers take a job babysitting, with a bedtime story of the titular tale turning into a wacky Abbott and Costello-faced musical retelling involving stolen cows, terrible giants, and the heroic boy with an opportunistic butcher in a castle above the clouds.

Al Stewart and Wilbert are magicians doing a stage act when they run into Wilbert's cousin, Dorothy McCoy. They find out that Wilbert's grandfather, Squeeze-box McCoy, had treasure hidden in the hills of Kentucky, which they go to find.

Alan Freed is "Mr. Rock and Roll" as he sets out to prove that rock 'n' roll doesn't cause juvenile delinquency. Terrific original rock 'n' roll legends perform their classics!