Larry Laffer is a 38-year-old (40-year-old in the 1991 remake) man who lives in his mother's basement and has not yet lost his virginity. Having grown weary of his lonely existence, he decides to visit the resort city of Lost Wages to experience what he has not lived before, and find the woman of his dreams, starting with nothing but an out-of-style 1970s disco-era leisure suit and $94 in his pocket. Larry's quest involves four possible women: a nameless, seedy-looking prostitute; Fawn, a club-goer of low moral fiber; Faith, a receptionist who (true to her name) is faithful to her boyfriend; and Eve, a bathing beauty and Larry's ultimate goal.