A rare night off for the Slayer finds her happily goofing off, watching silly Indian movies with Xander and Willow, who seems to be the only one who understands them. But all is, as usual, not well in Sunnydale. A young woman jumps out the second floor window of a house, chased by several men in robes. They catch up to her in the graveyard and re-capture her.
Reality returns for Buffy the next day. Giles chews her out for missing weapons training and hand-to-hand, and orders her to train and patrol that night. Then Cordelia introduces her to a pair of fraternity guys. One, Richard, is pretty obnoxious, but the other, Tom, is actually quite charming. He invites Buffy to a party the fraternity is having the next night, but thoughts of Angel prompt Buffy to decline. On patrol that night, Buffy finds a broken bracelet, and then Angel arrives and says he can smell blood on it. The ensuing discussion, about their relationship, quickly goes south and Buffy changes her mind about going to the party. Meanwhile, the fraternity inducts a new brother, watched by the girl they captured in the graveyard, who is chained to the wall.
Buffy lies to Giles about going to the party, upsetting Willow and prompting Xander to decide to crash the party (or is it the rumors of orgies?). At the party, Tom saves Buffy from having to dance with a boorish lout, Buffy finds some broken glass on the ground, and Xander the crasher is busted. Back at the library, the bracelet leads Willow and Giles to the discovery of a girl, Callie Megan Anderson, missing from Kent Prep School for over a week. Meanwhile, at the party, Buffy's drink is drugged. She collapses on the bed, and Tom says that she and Cordy are there "for the pleasure of the one we serve."
Giles and Willow find that two other girls went missing a year ago, almost to the day. They call Angel, and they figure out that something must be going on at the frat house. Willow then blurts out that Buffy went to the party, and reams Giles and Angel out for driving her to it. Then they set out to help Buffy, who, along with Cordelia and Callie, is chained to a wall in the basement of the frat house. They are, Tom reveals, to be offerings to Machida, a reptilian demon who bursts forth from a well in the basement and views his "offerings."
Willow, Giles, and Angel run into a humiliated Xander at the frat house, and together they rush to the rescue. Buffy is doing okay herself: she's managed to yank her chains out of the wall. She cleans Tom's clock and dispatches Machida. The frat boys go to jail, their parents suffer financial ruination, and Buffy agrees to go out for coffee with Angel... some time.