Jimmy Tong (JACKIE CHAN) is a cab driver known as much for his various moving violations as for his inability to ask out a pretty woman without getting tongue-tied. It's his driving prowess, however, that impresses secret agent Steena (DEBI MAZAR) enough that she offers him a job chauffeuring top secret agent Clark Devlin (JASON ISAACS) around town.
Suave, sophisticated and quite the ladies man, Devlin is everything Jimmy aspires to be, but the agent informs him that 90 percent of his success comes from the clothes, while the rest emanates from the heart. Jimmy learns that firsthand when Devlin is injured in an attack on his life. Before slipping into a coma, he gives Jimmy his high tech watch and mentions a man's name.
Feeling obligated to help his boss in solving another agent's murder, Jimmy learns that the watch controls an equally high tech tuxedo that allows its wearer to pretty much do anything, such as various dance moves, defy gravity and ward off attackers in self-defense or martial arts modes.
Not wanting anyone to know what happened to Devlin, Jimmy decides to pose as him while meeting and then being partnered with rookie Del Blaine (JENNIFER LOVE HEWITT). The two end up investigating successful businessman Diedrich Banning (RITCHIE COSTER) who's trying to corner the world market on drinking water.
In doing so, they not only meet his ditzy girlfriend, Cheryl (MIA COTTET), and mad scientist, Dr. Simms (PETER STORMARE), but also learn that his plans run deeper than it first seemed. With the aid of the high tech tuxedo, they then set out to stop him.