Mitch (Luke Wilson), Frank (Will Ferrell) and Beanie (Perrey Reeves) are three old college buddies who are now in their early 30's. The three decide to try to relive their old college glory days by moving into a large house near their old campus. They unintentionaly form a fraternity, where students can enjoy the partying lifestyle without the need to abide by the university's fraternity rules.