Michael Corben (Richard Grieco) has only one more chance to obtain the credit needed for his high school graduation. Patricia Grober (Robin Bartlett) and her French class are headed to Europe. All Michael needs to do is participate and he will get the credit. In the meantime, an operative (also named Michael Corben) is on his way to board the same plane. When the operative is killed, the high-school Michael Corben is mistaken for the operative, something that garners him first-class seating on the plane. British Intelligence also assumes Michael to be their operative, as the deceased Michael Corben had been in deep cover and nobody knew what he looked like. Corben's adventure continues as soon as he gets off the plane sending him into a mission of life and death, not only for himself but for his entire class. Corben collects his Lotus and is soon crashed into by a blonde driving a white 1990 Nissan 300ZX.
Irate, Michael tried to catch up to her, oblivious to the assassin Zigesfeld (Tom Rack) driving behind him. Due to his manoeuvers, Michael is able to dispatch Zigesfeld. Michael continues to pursue the blonde (whose name is Mariska) to the casino. There, he plays baccarat with Steranko and unwittingly doubles his money.
Corben goes back to his hotel room, where he to be confronted by another assassin, Steranko's comely girlfriend Areola Canasta (Carole Davis). This time it is nerve that saves Corben's life. After his hotel room is destroyed, Mariska takes him to her place to explain what is going on. Together they proceed to Steranko's chateau only to be captured by Steranko's assistant Ilsa Grunt (Linda Hunt) in the process.
Steranko has also captured Mrs. Grober and Michael's classmates as well, believing them to be a threat. Steranko offers to have dinner with Corben to have a chat. During the dinner, Corben indignantly drops a priceless plate that once belonged to Catherine the Great after being warned of its value by Steranko.
Thrown back in the cell, Corben uses his explosive chewing gum to explode the door from its hinges. From there, Mariska and Corben find their way to the gold foundry where the rest of the French class are being held - in a cage hovering over a large vat of liquid gold. (Steranko's mad plan for world domination also includes the production of coinage bearing his likeness)Michael and Mariska kill off a few guards and freeze the liquid gold with liquid nitrogen. Upon setting Mrs. Grober and the class free, he declares to her: "Now, you are the French teacher!", and hands her an Uzi, which she uses against the bad guys with grim determination.
He then battles Zigesfeld on top of the frozen gold and manages to kill him by dropping the cage that formerly held his classmates down onto him. He and Mariska, with help from Mrs. Grober, stop Steranko's plan, and Steranko kidnaps Mariska and attempts to escape by helicopter along with his Isla Grunt and his gold. However there is too much weight on the chopper, and Steranko throws out both Mariska and Ilsa but it's still too heavy and the chopper crashes. Steranko ends up buried underneath all of his gold coins.
With the chateau exploding all around them, Michael and Mariska escape down the side of the building using a pair of sneakers equipped with suction cups. They are then reunited with Mrs. Grober, who tells Michael, "You've got the credit!".