On the night of Midtown High's Fall Formal, Harry Osborn arrives with his date Glory and some football players, along with their dates, in a stretch limousine. When his friend, Gwen Stacy, tries to greet him, he ignores her and goes on his way. Soon, Peter Parker arrives and stuns everyone with his attractive date, Mary Jane Watson, whom he introduces to the group. Flash Thompson tries to ruin the date by mentioning a bet he and Peter had. Mary Jane is unscathed by the idea of the bet and goes to dance. Harry goes to get drinks and overhears Glory getting back together with her ex-boyfriend. He is furious and goes to his locker where he drinks a vial of green formula.
Meanwhile, a mysterious and psychotic supervillain named Green Goblin breaks into an Oscorp laboratory late at night and steals several pieces of equipment, including a glider. With the equipment, Goblin flies off and attacks a group of thieves who are working for the crime lord the "Big Man." He uses some stolen money as incentive for them if they work for him and they accept. Now armed with personal terrorists, he crashes and holds up a black tie dinner party orchestrated by the "Big Man" in his alter ego as philanthropist L. Thompson Lincoln. Lincoln is unimpressed and sics his guards on the Goblin and his terrorists, but they are defeated easily. Air Force Colonel John Jameson tries to fight them, too, but is also taken down.
Peter is contacted by the Daily Bugle to go take photographs of the hold-up at the party and is forced to leave Mary Jane, who understands as it is his job. Peter arrives at party as Spider-Man, where he is greeted by Lincoln. At first, Spider-Man thinks Goblin is simply working for the "Big Man" but is confirmed otherwise. Goblin tries to convince Spider-Man to join him but is turned down and the two proceed to fight. Spider-Man shoots a web at the Goblin's glider and immediately defenestrated. His web fluid is out but he refuels and is pursued through the streets by Green Goblin. He finally defeats Goblin, wrapping him in webbing. The Goblin explains that a bomb was hidden back at the black-tie event. When Spider-Man returns to find it, John Jameson opts that the bomb is hidden in the chandelier and Spider-Man retrieves it. He launches the bomb into the sky and it harmlessly explodes. However, when Spider-Man goes back to arrest the Green Goblin, he has mysteriously disappeared.
Back at the dance, Harry's group are outside and take the assumption that they have been abandoned by Harry because he has not showed up. In actuality, Harry is hiding at the wall near them and takes another drink of the vial of formula before walking off. Soon after, Peter returns to find the dance almost abandoned except for Mary Jane, who is dancing with another boy. Downtrodden, he is reassured when Mary Jane walks up to him and tells him that she saved the last dance for him.
- Harry Osborn: We're going to best restaurant in town. My treat.
- Flash Tompson: Osborn, you're the man!
- Harry Osborn: Ahh! You know it!
- Gwen Stacy: Hi, Harry, did you just get here?
- Harry Osborn: Hey, let's get a picture. You know deserve a moment.
- Flash Tompson: I don't believe it.
- Harry Osborn: It's true real gold dust and... uh, guys?
- Flash Tompson: How the heck did puny Parker land her?
- Flash Tompson: Ahh! The bet! That's it!
- Kenny: Look, Gloria, I know I was a joke but I'm really sorry. Just give me one more chance please?
- Gloria: Oh, Eddy.