Bob McGraw, Max, Gonzer, and Irwin are 4 losers at Lepetomene University, the worst college in the United States. They are forced and bribed by Dean Burch to participate in a collegiate raft race. The gang are up against other colleges in the race, among which is Ivy University, prep schoolers who, with the help of an Ivy alumnus named Tozer, plan to cheat their way to the Winner's Circle. Their adversaries also include the Washington Military Institute, disqualified for their attempts to sabotage the other schools rafts. Captain Braverman, the leader of the Military men, has it in for McGraw because he personally curtailed the attempts to sabotage the other rafts. It is all down river adventure for the Lepetemene gang.
The schools in the movie are various parodies. For example, Ivy University is completely made up of rich "preps" and the students from Texas are all wearing cowboy hats. All of the Universities feature single gender teams made up of very similar characters. Heather's team are all preppy girls, Lepetomene's are losers, etc.
This movie fits the "college romp" genre of films similar to Animal House. It features college students, lots of sex, alcohol, and drug humor/references, and several topless scenes that have little to do with the storyline.
This film was filmed near Bend, Oregon.
"You happen to be the four worst students in the entire country. You are not at the bottom of the list, you are the bottom of the list!" - Dean Burch