It's the year 2000 and a young man, Hamlet (ETHAN HAWKE), has returned home to New York City none too happy that his uncle, Claudius (KYLE MACLACHLAN), has married his widowed mother, Gertrude (DIANE VENORA), and assumed control of the family's Denmark Corporation, all just two months after the sudden death of his father (SAM SHEPARD).
Hamlet's suspicions grow after his friend, Horatio (KARL GEARY), informs him that he and others have seen his father's ghost. They continue to increase when he then meets and speaks with the apparition who informs Hamlet that he was murdered by Claudius. As such, Hamlet's ensuing strange behavior causes others to think he's gone mad, including Claudius' trusted advisor, Polonius (BILL MURRAY), who not only informs Claudius and Gertrude of such, but also orders that his daughter, Ophelia (JULIA STILES), no longer see Hamlet.
That further complicates matters as Hamlet sets into motion a plan to trap his uncle, but that ultimately results in Polonius' death. As a result, his son, Laertes (LIEV SCHREIBER), vows revenge upon Hamlet who's also having to deal with Rosencrantz (STEVE ZAHN) and Guildenstern (DECHEN THURMAN), two men sent by Claudius to observe him. As the various involved parties then set out to enact their revenge upon others who've wronged them, nothing short of tragedy follows.