Peter still doesn't have a job. He decides that he will become a fisherman. First, Peter buys a boat at an auction at an extremely high price. Peter takes out a loan from a shady loan company which puts him in complete debt. His house and possesions become possessed.
Peter learns about a fish who has never been caught, called Daggermouth. Whoever catches Daggermouth will get a huge reward. Peter decides this is the only way he will get his money back. With the help of Cleveland, Quagmire and Joe, Peter finds the fish who turns out to be a robot built by a fisherman who faked his death. The fisherman gives Peter his money and Peter swears he will tell no one.
Meanwhile, Meg is the only student in her class not going on spring break. Lois tries to cheer her up by taking her to get a makeover. Meg is still disappointed, so Lois takes her to a beach party and ends up doing all the partying herself. The influence of Lois makes Meg flash the crowd so she becomes popular too. Lois and Meg get arrested but escape the police car.