In this laugh out loud, action packed Christmas family film, Arnold Schwarzenegger stars as Howard Langston, a career salesman happily married to his wife Liz (Rita Wilson) and father to their little boy Jamie (Jake Lloyd). But job pressure demands cause Howard to run habitually behind schedule, a predicament that his busy-body neighbor and newly eligible bachelor Ted (Phil Hartman) capitalizes on at every opportunity.
And though Ted is a doting father to his young son Johnny, (E.J. De La Pena) his attempts to upstage Howard are quite noticeable with the Christmas holiday just days away, as he surprisingly decorates the exterior of the Langston home with lights; indeed, Ted unabashedly steps into Howard's shoes, taking over for Liz in the kitchen and sending her upstairs to shower as the man of the hour scrambles to locate a promised gift and much sought after Turbo Man doll for Jamie.
Howard's desperate plight to find the TV action figure in time for the town's Winter entertainment parade becomes a hilarious challenge of epic proportions, when he encounters a pretend mall Santa (played by James Belushi) who leads him to a profit making underground Turbo doll operation... and to make things worse, his acquaintance with the unusual Myron Larabee (Sinbad) turns into a last ditch fierce competition for the coveted prize at a local radio station.
Then, minutes before the parade as Ted is about to make his move on Liz in the parking lot, Howard suddenly finds himself backstage where he is mistakenly cast as the late replacement for the larger than life Turbo Man! To Liz's amazement he makes a grand public appearance, choosing Jaime as the recipient of the action figure while valiantly fending off Demento, Turbo Man's arch enemy.