Spencer Kong and Tracey have had wax statues made of them. Prime Evil is jealous and sends Haunter and Mystique to destroy the statues. When they fail the Tooth Hairies attempt to blackmail the french Waxworks owner to create a statue of Prime Evil for the waxworks hall of Villans or they'll eat the Eiffel Tower.
Jakes Grandfather is going to swear allegiance to the USA at a ceremony in front of the statue of liberty. However Mystique is sent by Prime Evil to spoil the ceremony.
Prime Evil has created an army of thunder ghosts, these ghost make it rain all over the world. In order to stop the Ghostbusters from stopping them, he orders Haunter to kidnap the Ghostbusters, and sends Fangster to help him. When the 2 ghouls bungle the job and Fangster is sent back to the nether-realm, Haunter grabs Eddie and runs. Jake and Tracey are up to their necks trying to get rid of all the thunder ghosts. Prime Evil intends to ransom Eddie back. However, Eddie keeps breaking out of the dungeon and his clumsiness causes Prime Evil no end of headaches and ...