Penurious but muscle-bound Blake Thorne has made a vast fortune marketing health food and health supplements. He once was a nice fellow, but as his wealth increases, he becomes increasingly self-centered and decadent. One day, he gets in a great paint-gun fight that goes too far. Blake escapes the cops by running into a shopping mall, quickly donning a Santa Suit and pretending to be St. Nick. A head injury causes Blake to suffer amnesia, and an opportunistic "elf" decides to convince Blake that he is indeed Santa. This leads "Santa" to help save an orphanage, filled with adorable moppets, from the machinations of a greedy, insane doctor.