The premise: In an amusing little romp of the 20th Century meets Medieval Times, four young man hatch a plan to storm a castle, and take it away from the evil Princess. The princess appears to live the good life, being cared for, and bathed by four naked knights.
It isn't immediately clear why the four men want the castle, but they do realize that all castles are heavily guarded. In order to get into this one, they must fight their way through muscle-bound soldiers (the naked knights), and avoid at all costs, being eaten by the mighty Moat Monster.
As the men risk their lives and their hard-bodies entering into the castle, and fighting the castle guards, they are captured by the evil princess. She orders her knights to chain them in the dungeon, where they are forced to await their death - being eaten at dawn by Moat Monster. It is here that they endure torture by chains, lit candles between their legs, and hot wax.
At dawn the men are thrown into the moat to face the monster. They fight valiantly, and manage to escape. In brief story breaks, each man (knights and castle-stormers) takes time to show his special talents before returning to the action. The action sequences have the four men fighting with the castle guards through naked wrestling, boxing, and sword fighting.
The castle takeover attempt is unsuccessful. The four men leave almost as they arrived - with birthday suits in tow. For now, the castle is safe (and so is the Princess) for another day.