It's Los Angeles in 1983 and William Sloan (BILLY BOB THORNTON) is a successful movie producer who's decided to get back with his estranged wife, Laura (KIM BASINGER). Yet, he's doing so in order to avoid a costly divorce, and clearly plans on continuing to see his lover, TV newscaster Cheryl Moore (WINONA RYDER), although she clearly wants nothing to do with him anymore.
The same seems to hold true for William and Laura's young adult son, Graham (JON FOSTER), and his sister, Susan (CAMERON GOODMAN). While she's grounded, he's a spoiled rich kid who's upset that his equally spoiled girlfriend, Christie (AMBER HEARD), has also been sleeping with Martin (AUSTIN NICHOLS), music video director whose latest work features rocker Bryan Metro (MEL RAIDO), a troubled singer whose manager, Roger (RHYS IFANS), keeps a watchful eye on him and his career.
It turns out, however, that not only is Martin sleeping with Christie, but he's also sexually involved with Graham and, unbeknownst to him, his mother as well. The encounters with Christie take place in her apartment where the night doorman and aspiring actor, Jack (BRAD RENFRO), isn't pleased that his uncle Peter (MICKEY ROURKE) is staying at his place with teenage runaway Mary (ANGELA SARAFYAN). Things get worse when Peter kidnaps a young boy and holds him hostage in Jack's place, awaiting a sale of the boy to some unsavory types.
At the same time, Graham's friend, Tim (LOU TAYLOR PUCCI), isn't pleased that his playboy dad, Les Price (CHRIS ISAAK), has dragged him off to Hawaii and tries to pick up women with him. As the various characters' stories unfold, they end up playing out and intersecting in ways they hadn't imagined.