This is the story of three guys in their early 30's, Mitch (Luke Wilson), Frank (Will Ferrell), and Beanie (Vince Vaughn), who try to relive their old college glory days by moving into a large house near their old campus. They inadvertently form an "unofficial fraternity", where students can enjoy all the riches of the partying lifestyle without the commitment that comes with having to abide by the university's fraternity rules. Soon, however, the realities of their past lives catches up with their wild college lifestyles.