Who destroyed the professor's desk? Who bombed the campus police van? Who raided the sorority house? Who else: the Ghoulies! Those wisecracking demons are back in their third outrageous misadventure - this time in a head-on crash course through the halls of higher learning.

The college "pranking" championship is up for grabs, and each fraternity is trying to pull off the most spectacular stunt. But now, they're about to get some real competition. Nutty Professor Ragnor (Kevin McCarthy) has the Ghoulies under a spell that he thinks will help him stop the dangerous pranks once and for all. So, the Ghoulies are enrolled - and they are ready to give the fraternities a bitter taste of their own medicine. Now this college really is an animal house!