Kevin Carson (BOW WOW) is a recent high school graduate living in the projects of Atlanta. He dreams of one day designing his own line of athletic footwear, but feels he must take care of his Grandma (LORETTA DEVINE) with whom he lives, and thus is resigned to working in the mall shoe store when not hanging out with his friends Benny (BRANDON T. JACKSON) and Stacie (NATURI NAUGHTON). While Benny thinks Kevin is foolish to be an acquaintance of the heard but never seen recluse, Mr. Washington (ICE CUBE), Stacy isn't happy that Kevin -- along with most every boy in the neighborhood -- has eyes for the local sexpot, Nikki (TEAIRRA MARI).
But they all know that recently paroled convict Lorenzo (GBENGA AKINNAGBE) is both no-good and a menace, especially to Kevin since he figures the young man should comp him and his thugs several pairs of expensive athletic shoes. That results in Lorenzo going back to jail, which is a good thing since Kevin --- who's against the lottery in principle because he thinks it takes advantage of the poor but is talked into buying one chance -- ends up holding the winning ticket.
Kevin wants to keep that secret, especially since he can't cash it in for several days due to the long 4th of July holiday weekend, but that is spoiled right away. While Benny manages to keep his mouth shut, Grandma can't, and after she spills the beans to busybody Semaj (CHARLIE MURPHY), it's not long before everyone Kevin knows -- and doesn't know -- comes knocking.
Among them is Reverend Taylor (MIKE EPPS) who'd like a better church, wife and lifestyle for himself, as well as local mobster Sweet Tee (KEITH DAVID) who assigns his hulking thug, Jimmy (TERRY CREWS), to watch over his new business partner, especially after "loaning" him $100,000. From that point on, things escalate out of control as everyone wants a piece of Kevin's $370 million pie, including Lorenzo when he's let back out of jail.