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By answering a seemingly impossible riddle, Perseus, the son of Zeus, wins the hand of the Princess Andromeda in marriage. Trouble appears in the shape of Calibos, the princess’s former love, and his mother, the Goddess Thetis. In order that the dreaded Kraken not be released, Andromeda has to be sacrificed and Perseus searches for the Medusa; her head is the only thing that can stop the Kraken.

Having to leave Melbourne in a hurry to avoid various marriage proposals, two song-and-dance men sign on for work as divers. This takes them to an idyllic island on the way to Bali where they vie with each other for the favours of Princess Lala. The hazardous dive produces a chest of priceless jewels which arouses the less romantic interest of some shady locals.

A gang of jewel thieves board an empty luxury liner in the South Seas to find that the crew and passengers have been killed by a monster that kills its victims and sucks the water from their bodies that looks like a mix of a giant squid and the monster from “Aliens”.

In 1840, there’s work on the Florida Keys for honest salvagers (like the Claibornes) and outright pirates like King Cutler, who bribes sailors to cause wrecks. When Capt. Stuart’s ship is wrecked, Loxi Claiborne rescues him, falls for him, and travels to Charleston to convince the owners the wreck wasn’t his fault; company lawyer Steve Tolliver returns with them to Key West to investigate. Tolliver and Stuart’s rivalry for Loxi’s hand complicates their swashbuckling adventures in pursuit of Cutler, ending in a trial and a dangerous dive for evidence.