Wayne is back, this time trying to organize a rock festival with help from friend Garth and the spirit of Jim Morrison (Doors). Meanwhile, his girlfriend’s manager is busy trying to woo her away from Wayne and move her to LA. Life gets interesting when Wayne must rush from the concert to try and stop the wedding. Aerosmith are featured at the concert.

Male supermodel Derek Zoolander is on his way down after three years of continuously winning the “Male Model of the Year” award. When he is beaten by the hot newcomer Hansel, Derek starts searching for a new meaning in his life. Just then fashion czar Mugatu offers Derek a comeback in his new “Derelicte”-line. What nobody suspected is that Mugatu plans to assassinate the new Malaysian Prime Minister on his visit to New York, so that cheap child labor is still available for Mugatu’s fashion producing. By brainwashing Zoolander, Mugatu and his evil associate Katinka create a dumb and willing killer to do the job. Only in Time Magazine journalist Matilda suspicion arises slowly, and she tries to stop Derek.

Wayne is still living at home. He has a world class collection of name tags from jobs he’s tried, but he does have his own public access TV show. A local station decides to hire him and his sidekick, Garth, to do their show professionally and Wayne & Garth find that it is no longer the same. Wayne falls for a bass guitarist and uses his and Garth’s Video contacts to help her career along, knowing that Ben Oliver, the sleazy advertising guy who is ruining their show will probably take her away from him if they fail.

Pat Riley, an obnoxious busybody of undeterminable sex, meets and falls in love with Chris, a sensitive, caring person also of undeterminable sex. Their relationship suffers because Pat’s a lout, and cannot decide on a direction for its life. Meanwhile, Pat’s neighbor Kyle falls further and further into obsession with Pat, fascinated by its indeterminate sexuality.

Will Ferrell and Chris Kattan play the Roxbury Guys, Steve and Doug Butabi, who want to get into the best club in town, and also hope to open their own club. Elisa Donovan plays Vivica, a gold-digging supermodel. Vivica and her friend Cambi (Gigi Rice) try to work the Roxbury Guys for their money, only to find out the pair is broke.

Peter Gibbons just can’t seem to catch a break. His girlfriend is cheating on him, he has an obnoxious neighbor, and he’s completely miserable with his job as a small cog in a company called Initech. Then he visits a hypnotherapist, who dies just after putting Peter into a state of complete bliss. Free of worrying about making a living, he no longer feels the need to keep his job, just as the company is going through a massive downsizing. However, his new attitude only makes him more valuable in the company’s eyes, and his friends Michael and Samir are fired instead. Together, they scheme to plant a virus inside Initech’s computer system that will pull money into their own account.