Rick Todd is a struggling artist who lives with his pal Eugene Fullstack who happens to be a writer of children’s stories. Rick would like to break in the comic book industry but he has one problem, he can’t write. However, Eugene’s overactive imagination as well as his obsession with comic books causes him to have wild dreams of a super hero named Vincent the Vulture and Rick uses Eugene’s dreams to create a comic book featuring Vincent.
Living in the same building as the boys is Abigail Parker and her roommate Betsy Sparrowbush. Abigail happens to be the author of Eugene’s favorite comic book, Bat Lady, and Betsy is her model. During one of Eugene’s dreams, he comes up with the formula for a secret rocket fuel, which happens to be an exact copy of half of a formula the government is working on. Soon, a group of enemy agents are after Eugene in order to get the rest of the formula.