Trevor Finch (CHRISTIAN SLATER) is a convict who's escaped from prison only to find himself at the wrong end of a gun held by professional hitman Critical Jim (TIM ALLEN). That movie buff believes Trevor to be Cletis Tout, a seedy and opportunistic photojournalist who's public enemy number one to Mafioso Rowdy Virago (JOSEPH SCOREN). He's the heir apparent to a local mob operation but Tout captured his sexually lethal encounter with a hooker and is now trying to blackmail him.
Trevor states he's not Clout, but has an interesting story to tell nevertheless, a point that intrigues Jim due to its cinematic potential. Trevor then goes on to tell his tale about escaping from prison with Micah (RICHARD DREYFUSS), a former magician who decades ago pulled off a jewelry heist and then buried the stolen loot.
Now free, but needing new identities, Trevor contacts coroner Dr. Savian (BILLY CONNOLLY) to get them some, which is how he ends up posing as Trout, unaware of his new connection with the mob. The two then meet up with Micah's adult daughter, Tess Donnelly (PORTIA DE ROSSI) and prepare to unearth the hot diamonds.
After Trevor has a run-in with Tout's cross-dressing neighbor Ginger Markum (RUPAUL) and word gets out that Tout is apparently still alive, Rowdy orders mob hitmen Nimble (LOUIS DI BIANCO) and Fife (TONY NAPPO) to kill him, but they bungle that.
Finch and Tess - who don't get along - then set out to find the diamonds, only to discover an unexpected complication. With police detectives Tripp (PETER MacNEILL), Delaney (BILL MacDONALD), Rafferty (ELIAS ZAROU) and Horst (RICHARD CHEVOLLEAU) working the case and Critical Jim hired to kill him, Trevor continues telling his story about trying to get the diamonds all while hoping that the mesmerized hitman won't kill him.