When frogman Ted Jackson discovers a sunken treasure on his last day of Navy life, he decides to go back as a civilian and make himself rich. Unfortunately, there are others after the booty, and the man with the swiveling hips has a fight on his hands.

Just before his discharge from the Navy, frogman Ted Jackson discovers what appears to be a treasure chest in the hull of a sunken brigantine off the California coast. Intrigued by the prospect of sudden wealth, he enlists the aid of his former partner, trumpet player Judd Whitman. Judd agrees to help on condition that should the salvage attempt fail, Ted will return to singing at the Easy-Go-Go discotheque. Once discharged, Ted gets the necessary equipment from Captain Jack, a nautical authority terrified of water, and also obtains the reluctant consent of Jo Symington, whose grandfather owned the sunken ship. Trouble begins when Dina Bishop, a wealthy playgirl, and her friend Gil decide to compete with Ted in diving for the treasure. Following several clashes between Ted and Gil, the two men have a decisive underwater fight, which ends in a victory for Ted. The treasure chest, however, contains copper, not gold, valued at about $4,000. After giving the proceeds to Jo (for use as a down payment on an art center she plans to start for her painter friends), Ted resumes his musical career and his romantic pursuit of Jo.