One in this comedy/variety series with rotating hosts. The comedy team of Bud Abbott and Lou Costello star in this live episode. Highlights include the following: Bud and Lou get fired from their jobs at a department store after attempting to sell nylons; Abbott and his friends sucker Costello out of his pay, but Lou gets his revenge; Hoagy Carmichael sings and is visited by child actor Ricky Vera; Costello and Vera try to tell each other the tale of Little Red Riding Hood and crack each other up in the process; Abbott cons Costello out of his money, but Vera gets the last laugh; Peggy Lee sings "Johnny Guitar," "Bewitched, Bothered, and Bewildered," and the "Halo Shampoo" song; Costello gets appliances with meters and has to pay a quarter every time he uses one, prompting a lot of mayhem as he attempts to try each one out; the Sauter-Finegan Orchestra plays "Midnight Sleigh Ride" and "Holiday"; and Costello attempts to dance with a woman who is almost twice his height.