Dean is a 22 year old waiter at "Shenaniganz," a restaurant with a colorful crew and an irreverent disdain for the customer. He is stuck in the point of his life which makes him crave more than a crappy job at a restaurant and a couple classes per semester. When he is offered the job of assistant manager, he is forced to consider the potential benefits/disadvantages of accepting, beating himself up over the fact that his high school classmate recently graduated as an electrical engineer -- a fact his mother reminded him of at their lunch meeting at the start of the movie.
Along with his roommate, Dean lives in a house that is the constant host of parties for everyone working at the restaurant, which only makes him wonder even more about his place in life.
Dean's roommate Monty is an individual extremely concerned with his getting of the poontang, and throughout the course of the movie his comments are lewd, in-your-face reminders of his sexual perversion and infinite coolness. Monty's current objective is the underage hostess at the restaurant, Natasha, who provokes incessantly an occurrence of statuatory rape between the two [however, when the chance does finally arrive for Monty, he wusses out because she is too young].
The movie takes place during Mitch's first day and the nature of things in the restaurant is displayed as Monty tours him around, yet never lets him speak. The "penis-showing game" is the focus of the crew's entertainment -- a game which consists of the male workers showing each other their genitalia in various different shapes and forms. If the other player looks, he gets one or more kicks in the ass. Mitch gets a glimpse of all the characters, including the busboys Nick and T-dawg [two wankstas who hang out by the dumpsters and eat all the vegetables after getting a little green], the bartenders [a sultry lesbian and a sexy lady who is dating the even sexier cook Raddimus -- inventor of the penis showing game and lover of handjobs], the Bishop [the resident philosopher/therapist who also happens to be the chain-smoking dishwasher], Floyd [another cook, though more like a cock], the manager Dan [uptight typical manager --also hits on Natasha], and the waiters/tresses Naomi [bitter little curse of a woman], Serena [sensuous ex-partner of Monty, ridicules him in public about his lacking sexual prowess], Amy [Dean's friend], and Calvin [pushover who can't pee in public bathrooms, and later ends up wetting himself on the couch next to a girl he's trying to impress].
Overall, the movie is about Dean trying to figure out what to do with his life, whether Monty will do Natasha, whether Calvin will ever get laid, and will Mitch ever get to say something. Viewers also get a (admittedly over-the-top for shock value) behind-the-scenes glimpse of restaurant antics.
All these conflicts are resolved at the party at the end, which ridicules Dan the manager, since Natasha makes him think he is invited but gives him wrong directions, ridicules Calvin for aforementioned reasons, resolves Dean's whiny crisis, lets Monty know he is afraid to touch a minor, and gives Mitch the opportunity to prove himself to the whole restaurant staff by showing them all "The Goat," the most humiliating position of the penis-showing game.