Oliver is overjoyed meeting Swedish foreign exchange student Elke (Maggie Grace) until Ted calls dibs. His parents go on a date but the old club has changed. They hate the new jazz music and then the funky smoke takes its effect.
Oliver buys X-ray specs from the comics which don't work. Both Joyce and Michael were cheated by Astounding Novelties. The kids confront owner Barnaby Rollins. Mother's stewardess sister Connie visits and Ted is haunted by a naked glimpse.
The kids are bullied by Murray Billcott until Oliver befriends giant Ward McIntyre. The parents hang Oliver's doorknocker getting them in trouble with Mr. Stitt. Ted is desperate to be with Elke. He even reads Catcher in the Rye for her.
Mother is desperate to go to the O'Shaughnessy boat party. Dad's nemesis George Novogroder gets into the way. Dad entices the O'Shaughnessys to his party by a fake promise of Oliver's comedic idol Buddy Fontain. Even Elke is coming.
With Bonnie's love of The Beach Boys, Oliver starts his own band, Oliver and the Otters. He needs pianist Joyce despite her performance anxiety. Ted needs to lose 5lb for wrestling to impress Elke. Mother doesn't like slobbish father.
Oliver, Joyce, and Michael are invited to a make-out party. Oliver hopes to have a first kiss with Bonnie and learns to spin the bottle from Ted. Mother runs against Mr. Stitt despite father's objection.
Oliver can't take a good picture and a new suit for picture day won't solve the problem. So he decides to wear a superhero costume instead. Ted is jealous when his beloved baseball coach starts spending time with Elke.
The TV breaks. Mom and dad starts spying on the neighbors. Elke is disappointed with Ted until he helps a senior. Joyce needs a replacement babysitter for Bobby and Oliver reluctantly agrees. On top of the pay, the family has a color TV.
Ted hates his dad's microscope gift. Oliver takes it turning him into a germophobe. Ted goes to the store to pine for a baseball glove and causes chaos. Store owner Crazy King proposes for Ted to go out with his dangerous daughter Grace.