A homeless bum called Fred (Mike Lackey) enters at the unkempt shop of an easily-angered man, and he steals some money and a bottle of some alcoholic beverage. Fred runs away through a building which is on fire. He hides himself into safety, but loses the money he's taken in the garbage collector truck where he was hiding. All this even makes the shop owner realize that there is a hidden compartment at the messy warehouse. It's about some bottles called 'Tenafly Viper'.
The drink gets distributed, and it seems that it helps solve all kind of problems. Even Fred suggests to drink it to one of his bum friends. Fred is pestered to pay the rent of the derelict abandoned warehouse which he calls home.
Two bums are washing up the windshields of a car, when one of them attacks the driver and kills him. The driver gets smashed into the front mirror and gets killed, while the female passenger screams histerically. The friend who has drunk the Viper thing goes to the toilet, and there, he melts into some blue wallpaint and dies a painful death.
Meanwhile, an overzealous cop (Bill Chepil) is trying to get to the bottom of all the mysterious deaths, all the while trying to end the tyranny of a deranged Vietnam veteran named Bronson (Vic Noto), who has made his self-proclaimed "kingdom" at the junkyard with a group of homeless vets under his command as his personal henchmen.
The owner of the junkyard threatens his assistant, Wendy (Jane Arakawa), because she defends the bums and cares for them. Fred is trying to help out his equally homeless younger brother Kevin (Mike Sferrazza) who has made the junkyard his home by building a pile of used spare tires to make shelter.
One homeless bum, named Ed, goes on an excursion to a local grocery store where he attempts to shoplift several items. An old lady rats him out to the store manager who confronts him, but Ed instead flees the store with several food items, being cut up chicken, falling out of his dirty slacks as he runs down a sidewalk.
That evening, Bill the Cop picks up one homeless bum on the payroll of Bronson and in exchange for a shower, clean clothes, and some more hard liquor, he agrees to inform Bill where Bronson lives.
That same night, Fred passes by a nightclub where a drunk young woman in a red dress is vomiting outside after drinking a little too much. Thinking that Fred is her date, she asks him to walk her home and have sex with her. Fred takes her back to the junkyard where he throws Kevin out of their tire shelter and has rough sex with her which attracts the other junkyard bums who tear down the tire shelter and drag away the naked and screaming woman to gang rape her while Fred flees.
The next morning, the woman is found dead near the junkyard by the owner. He first has sex with her dead corpse despite the evidence that she was gang raped and murdered by the other junkyard bums.
When one homeless bum urinates through a fence and right upon Bronson, he responds by severing the man's penis with his knife which then leads to the hilarious "severed privates" scene where a group of homeless people play catch with the severed genital, as he futilely attempts to recover it.
Meanwhile, the dead woman is found and brought to the morgue where Nick Duran (Tony Darrow), a local mobster, identifies her as his mistress to Bill the Cop. Duran wants to take matters into his own hands to avenge her death, while Bill just wants to find Bronson whom he still thinks is responsible for the mysterious deaths.
Fred finally discovers that the 'Tenefly Viper' is responsible for the death when he witnesses first-hand a bum drinking and melting into a gory pile of slime before his very eyes.
Bill goes to the junkyard and attempts to arrest Bronson, only to engage in a long fist-fight with the homeless gangster until Bronson stabs Bill in his back with a knife made from a human femur bone.
The climax leads to Fred, Kevin, and Wendy engaging Bronson and his henchmen at the junkyard, which results in Kevin decapitating Bronson by using a pressurized air tank as a missile to fire it at Bronson before he can kill Fred.
The final scene over the end credits has Nick Duran tying up and beating one of his associates, which ends when Duran finds a bottle of the lethal Viper drink upon the guy and upon taking a drink... begins to melt into a gory death too.