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The episode begins with what looks like Plucky in the desert, desperate for water. He finds a canteen, but the water in it is too hot, and he wants ice. Buster is embarrassed by Plucky acting up, and reveals that they, along with Babs and Hamton, are on the beach. Plucky tells Buster that refreshments at all the concession stands are expensive. Everything on the beach is expensive, and all four of them are out of money. Their beach blanket rental time runs out and Plucky is still desperate for liquid refreshments. A wave washes over him, with a bottle hitting him on the head. Babs discovers a map that says, "On Booty Island, where X marks the spot, you'll find me loot, and boy, it's a lot!" Plucky wants to keep the treasure for himself, but Buster, Babs, and Hamton all tell him that they are going to split the treasure evenly. Furthermore, the journey to Booty Island is expected to be difficult, hence a ship and crew, meaning the four of them together, will be needed. Plucky agrees, although he crosses his fingers behind his back.
Later that day, Buster, Babs, Plucky, and Hamton board their tugboat, the S.S. Tiny Tub. Plucky is seasick during the travels, and the fact that Babs and Hamton mention food on the way over doesn't seem to help either. A Thunderstorm occurs, revealing the ghost of the pirate ship, with the captain that buried the treasure. The ghost of the captain warns them not to go near Booty Island, lest the green eyed monster get them. Hamton is scared, but Buster and Babs are not, and want to continue. They reach Booty Island, and Plucky sets off to find the treasure for himself, snatching the map from Babs.
In the second act, Buster, Babs, and Hamton are scared by what is believed to be the green eyed monster. Meanwhile, Plucky sees what looks like the X, but when he digs, there is no treasure. He begins to see multiple Xs, none of which have the treasure. Buster, Babs, and Hamton run by him, warning him about the green eyed monster. Plucky joins his friends and they run to the top of a palm tree. They soon find out that the green eyed monster is theX-Bird, the island's only inhabitant. Her X-shaped claws made prints, which constantly misled Plucky. The tree next to the one they hide in forms the X where the treasure is. They find the treasure and decide to split it evenly. Inside the treasure chest is a note that says, "Take no more than ye shall need, or the green-eyed monster upon ye shall feed.". Plucky takes the treasure, leaving Buster, Babs, and Hamton with only one doubloon. They catch Plucky and trap him in the treasure chest.
Buster splits the treasure evenly with his friends, which is not an easy task when Plucky disguises himself. That night, they all go to sleep with their respective shares of the treasure and dream about how they will spend their money:
-Babs dreams that she has her name on all the stars in the Hollywood walk of fame, by bribing the judges.
-Hamton dreams he talks to Calamity Coyote about home improvement, and shows him the massive expansion to his house.
-Plucky dreams that a quarter of the Earth is his face, as Mt. Rushmore has a No Lame Ducks policy.
-Buster dreams he is on top of a mountain of carrots.
The ghost of the pirate captain appears in Buster's dream to warn him about the green-eyed monster, and he blows him away. Buster then encounters a large, sinister green-eyed version of himself underneath the carrot mountain and he and his friends run away from it.
The next morning, Babs, Plucky, and Hamton wake up to find their shares of the treasure gone. They all blame Buster, completely ignoring the facts that he was asleep all night and he still has the same amount of treasure he had before.
In the third act, Buster, Babs, Plucky, and Hamton all fight over the remaining share of the treasure. Eventually, the X-Bird takes the last of the treasure, and they follow her. The four of them quickly realize that X-Bird stole the treasure to build her nest. Unfortunately, the nest was built on top of a volcano due to erupt. Buster and his friends evacuate the island, taking the X-Bird and the treasure with them. As they board the S.S. Tiny Tub, the boat begins to sink, because they're too heavy for the boat. Buster declares that something has to go overboard. Plucky suggests tossing the X-Bird overboard, but Babs disapproves, so they all, except Plucky, sacrifice the treasure to be thrown overboard instead. Plucky cries that he was gonna be such nice rich guy. Now he thinks that they're all just a big, bunch of losers.
On their way home, Plucky is disappointed that they lost the treasure and didn't see the green-eyed monster. Buster tells everyone that he saw four green-eyed monsters on the island. Babs explains to him that the four green-eyed monsters were themselves arguing over the treasure. They all promise not to be greedy again, but what looks like rubies fall out of Plucky's tank top, and they all fight over them. The rubies turn out to be the X-Bird's eggs, which hatch into babies. Babs congratulates the X-Bird on being a mother, but Plucky is left to take care of her babies.