| Director | Marcus Raboy |
|---|---|
| Budget | $10 million |
| Box office | $33.5 million |
On the early morning of Christmas Eve, a robber disguised as Santa Claus breaks into Craig and Day-Day's apartment. Craig tries to fend him off, while making failed frantic calls to a sleeping Day-Day. The robber escapes with Craig and Day-Day's Christmas presents and rent money. Craig and Day-Day then file a police report.
After the police leave, Craig and Day-Day are confronted by their landlady Ms. Pearly, who warns them that if they do not pay their overdue rent by the end of the day, she will evict them and send her son Damon, a newly released ex-convict who developed homosexual tendencies in prison, after them. Craig and Day-Day then start their first day jobs as security guards for Moly, who is the owner of a squalid doughnut shop and the shopping center that they are to patrol.
The shopping center is also the home of a BBQ rib restaurant called "Bros. BBQ", co-owned by the cousins' fathers Willie and Elroy. Shortly after they come on duty, the power goes to Day-Day's head, and he begins hassling some carolers, forcing Craig to keep him in line. The two and Elroy are then robbed by the same robber from their apartment, who gets away. The two then meet Donna and her pimp Money Mike, who run a fledgling shop called 'Pimps and Hoes'.
Soon after, a couple of drug-addicts try to shoplift from Money Mike's store, but Craig and Day-Day catch them and turn them over to the police. Mike offers them a cash reward, but Craig refuses it and instead invites him to his and Day-Day's Christmas Eve party.
As Craig and Day-Day are on their lunch break, a gang of thugs (the grandsons of the carolers that Day-Day earlier ran off) chase after them. After failing to catch them, the thugs beat up Moly for supposedly hiding them, resulting in Craig and Day-Day getting fired, despite being on their break at the time. As revenge, Willie calls the Department of Health on Moly.
Later that night, Craig and Day-Day convert their Christmas Eve party into a rent party to recoup their stolen rent money. Many of Craig and Day-Day's friends and family show up including Money Mike and Donna, Day-Day's ex-boss Pinky, and Damon. While Money Mike is in the bathroom, he is confronted by Damon who attempts to sexually assault him, but fails when Money Mike crunches his testicles with pliers. With the bathroom occupied, Craig tells Willie to ask Ms. Pearly if he can use hers. Ms. Pearly attempts to seduce Willie, but Craig's mother Betty catches and attacks them both. After Money Mike lets go of Damon, Damon chases him through the neighborhood after Donna drives off without him.
Craig and Day-Day see the robber, ambush him inside his hideout and chase him around the neighborhood, running into obstacles until he is eventually hit by Pinky's limousine. Craig and Day-Day retrieve their stolen rent money and Christmas presents, and tie the robber up on his roof, leaving him for the police.
Ms. Pearly calls the police on the party, but Craig and Day-Day buy them off with marijuana. Day-Day hooks up with two of Pinky's girls before Betty walks in on him. Craig convinces Donna to return to the party and the two end up having sex.