It's Friday and it's not going to be a Merry Christmas for Craig (ICE CUBE) and Day-Day (MIKE EPPS) due to a ghetto Santa Claus (RICKEY SMILEY) breaking into their place and stealing their presents and other belongings, including their rent money. Their downstairs landlord, Miss Pearly (BEBE DRAKE), informs them that they have just one day to pay her or else she'll sic Damon (TERRY CREWS), her recently released and quite muscular inmate son who now likes men, on them.
Thus, they decide to get jobs as low-level security guards for strip mall owner Moly (MAZ JOBRANI) whose row of stores includes Bros. Bar-B-Q run by Craig's parents Willie (JOHN WITHERSPOON) and
Mrs. Jones (ANNA MARIA HORSFORD) and Day-Day's father, Uncle Elroy (DON "D.C." CURRY), who has a new girlfriend, Cookie (SOMMORE). Then there's the Pimp N' Ho's clothing store run by diminutive pimp Money Mike (KATT WILLIAMS), whose girlfriend, Donna (K.D. AUBERT), has caught the eye of both Craig and Day-Day.
The two security guards are supposed to report any incidents to local cops Dix (REGGIE GASKINS) and Hole (JOEL McKINNON MILLER) who spend most of their time in the donut shop run by Moly. Yet, Day-Day lets the job go to his head and his in-your-face policing soon leads to varied encounters with various patrons, thieves and tough punks, putting both their jobs and lives in jeopardy.
As Friday winds down and their predicament grows more dire, Craig and Day-Day try to figure out what to do and whether to hold their Christmas party where the likes of Pinky (CLIFTON POWELL) and others they've encountered during the day, will gather for holiday cheer.