17-year-old Pete Riley works as the assistant manager at the local 26-screen Grand megaplex, a job that he loves and spends all his time doing. Rumor has it that the megaplex is haunted by a "phantom" of someone who was trapped inside the building when it was demolished in order to build the current megaplex. Pete, along with the senior manager, Shawn MacGibbon and the other employees (including Movie Mason, an old man who loves movies and thinks he works at the megaplex and is hated by Shawn) are working to keep the theater neat for the giant premiere gala that night where they are going to premiere "Midnight Mayhem" and are expecting the owner of the megaplex, Wolfgang Nedermayer to be among the guests. To Pete's disappointment, he has to drag along his younger sister and brother, Karen and Bryan, to the theater while their mother goes out on a date. He dumps the two of them into a movie so he can focus on setting up for the premiere, but problems arise causing delays. The other movies are having major screw-ups, and the screw ups are the title problems (like a movie-screen featuring a movie called "Cyclone Summer" has a giant fan moved into the movie room where not supposed to and blows everything as if it were a F-6 tornado). Pete, Karen, and Bryan work together and investigates and figure out that result of sabotage are responsible by the Phantom. When the Phantoms sabotages the room Midnight Mayhem is to play in, Pete is able to stop him after a brief fight and unmasks the Phantom, revealing it to be Shawn. Nedermayer fires Shawn and tells him that he will never work in another theater again. He then offers Pete the job of senior manager, something Pete has always wanted. Pete tells Nedermayer that he'd be honored, but yet turns it down. Inspired by Karen and Bryan from their help at exposing Shawn as the Phantom, Pete says that he realizes the importance of childhood and doesn't want to waste it anymore than he has and asks for the rest of the night off. Nedermayer agrees and even gives Pete money to take his girlfriend out for breakfast after the movie. Bryan comments that the only thing to make this night perfect would be 5-Star ending, which his mom's boyfriend offeres by proposing to her, and she says yes. As everyone goes in to watch the premiere, Movie Mason tells Bryan that he never really believed in a phantom, but the "Werewolf of the Megaplex", is an entirely different story in its own.