Wally wanders onto the grounds of a family known for their dragon hunting prowess. The squire spots Wally puffing on a cigar and declares war on the "fire breathing dragon."

An illiterate arch criminal mistakes Wally for a rare duckbilled platypus. A merry chase ensues, during which the robbers discover that he's just a worthless alligator.

Twiddle decides that Wally needs a companion so he sets out for the Everglades to bring one back alive. Wally secretly follows him and receives an unpleasant surprise.

Thinking Wally is a fellow masquerader, a man drags our alligator to a party where several incidents of mistaken identity result in humorous complications.

Twiddle hires a genuine alligator hound, named "Snoozer the Schnauzer" to guard Wally and keep him from heading for town.

Having talked a penguin out of a trip to the San Diego Zoo, Wally hits a snag en route to sunny California. Stranded in the desert, our hero realizes that "there's no place like home."