Guy Caballero launches the new SCTV cable channel. The Schmenge Brothers try new wave music. Edith Prickly and Edna Boil go double-dating in the film spoof "Prickly Business". Steve Roman makes his own made-for-TV movie about JFK. "Melonville Calendar" honors a firefighter. Finally, "The Sammy Maudlin Show" is overhauled to appeal to a younger audience.

The whole episode is a parody of ""It's A Wonderful Life.""

Count Floyd introduces some film previews, including ""Dr. Jeckyl and Mr. Hyde,"" ""Cujo II,"" and ""The Mysterious Disappearance of Dr. Tongue.""

A parody of ""Oliver Twist"" with Ed Grimley (Short) in the lead role and Tommy Lasorda (Hemphill) as ""The Artful Dodger.""

Paul Simon, Art Garfunkel, and Ernest Borgnine crash-land on Saturn in a spoof of ""2001: A Space Odyssey."" Also, a behind-the-scenes look at the movie finds co-producers Idella Voudry and Woody Tobias Jr. fighting for creative control.

In a desperate effort to save the station, Guy and Edith start a pledge drive. Lola Heatherton returns to SCTV to sing on behalf of the station, but her performance is marred by thinly-veiled personal problems.

Guy and Edith plead to the FCC to keep SCTV on the airwaves while clips from the show's heyday are interspersed.