Initially, the Big Bad Wolf chases Red Riding Hood (the young version at the beginning of Red Hot) across the title screen, but they stop and notice they're in the wrong picture. The Wolf shoos away Red and determines that he wants to meet this Cinderella. He takes a taxi to her house, but she sternly rebuffs him. Eventually, Cinderella calls her Fairy Godmother to get rid of him and set her up for the ball that night. The Fairy Godmother traps the Wolf, then gives Cinderella a sexy dress and transforms a pumpkin into a Woodie for her to go to the ball, but she has to get home by midnight.
The oversexed Fairy Godmother then keeps the Wolf busy. She chases him all around Cinderella's house and, eventually, to the night club Cinderella went to (the Wolf got the wand briefly and turned a bathtub into a convertible; the Fairy Godmother turned a trash can into a Jeep). More chasing ensues, though more low-key, until Cinderella comes out on-stage and performs an exotic dance while singing the song "Oooh, Wolfie" (this performance was reused in 1949's Little Rural Riding Hood, with new "libido-reaction" gags inserted in place of the ones seen here).
After the performance, more brief chasing ensues until the clock strikes midnight. Cinderella rushes home, the things conjured up by her Fairy Grandmother reverting to her junky stuff, but she makes it in time to catch the bus to the factory; turns out she is a Rosie the Riveter by night. In the ultimate punchline, the bus, in addition to Cinderella, is full of wolves, who start whistling and catcalling at her.