Malcolm and Eddie are as different as one can imagine. Nevertheless, they're best friends who manage to be roommates as well as co-workers and not kill each other.
Malcolm practices for his sports commentator audition at the local radio station, earnestly recording play-by-play onto a demonstration tape while watching the basketball game... until Eddie accidentally blows up the television set. Insistent on helping his roommate replace it, Eddie wheedles Malcolm into attending a free ""personal wealth seminar"" where each participant is promised either a free TV or a set of steak knives.
When Eddie's beloved tow truck Broncula breaks down, he must raise money to repair ""her,"" so he secures a wild array of odd jobs which quickly wear away at Malcolm's quality of life.
Aspiring sportscaster Malcom finally gets a chance to be on the air at the radio station but instead of calling the plays, he's given a dee-jay's graveyard shift. Surprisingly, Eddie ends up as the only one who can get his exhausted roommate through the long nights.
Eddie annoys Malcolm when he deviates from their established system of picking their joint weekly lottery ticket numbers. Malcolm forgives Eddie's indiscretion when all six numbers come up, making them instant millionaires... or so they think.... Unfortunately for the mismatched roommates, for the first time in Missouri state history, there's more than one winner of the Instant Millionaire game - many more. When the money is divvied up, Malcolm and Eddie are able to redecorate their apartment just in time to impress Bridget, a young attorney and her roommate Nicollette, a parking enforcement officer, who move in across the hall. Strongly attracted to Bridget, Malcolm is summarily spurned when she makes it clear she's dating NBA Rookie of the Year Damon Stoudamire. Realizing he's at a crossroads in life, Malcolm decides to buy the bar from Kelly. Eddie uses his half of the money to convert the tow truck business.
Malcolm prepares for the grand reopening of Kelly's sports bar and Eddie arranges to bring in the live entertainment for the event. He also uses his connections to book TAFKAP (The Artist Formerly Known As Prince). But when engine trouble derails the Artist's arrival, Eddie steps in to keep the show alive.
When a beautiful woman arrives at the bar Malcolm is quick to ask her for a date but unbeknownst to him, she's Eddie's younger sister. When the truth is told, the roommates make an agreement that Malcom will keep the evening platonic, but an overprotective Eddie makes it clear that big brother is watching.
Eddie becomes a member of the Little Buddies Association just to get a date with one of its attractive female volunteers. When Malcolm accidentally reveals his roommates ulterior motives to his new little brother, Troy, the mischievous eight-year-old sets out to wreak havoc at Kelly's bar.
As Malcolm prepares for Halloween, fearful Eddie tells a story of a devastating family curse.
A man trying to bring a fake lawsuit against the bar, inadvertently dies, just as the guys get a visit from the city's toughest health inspector.
Eddie's uncle (Richard Pryor) teaches Malcolm to win at pool.
Malcolm's plan for rededicating his bar from its old name Kelly's, to its new name McGee's, goes amiss when the signs are misspelled, McGoo's. Meanwhile a crazed, bomb-toting football fan takes over Malcolm's crowded bar to protest the rumored move by the Kansas City Chiefs to Los Angeles, and the bar gets city-wide news coverage under the name McGoo's instead of McGee's.
Malcolm tries to settle his grandparents' quarrel after Malcolm's grandfather gets kicked out of the house and moves in with Malcolm & Eddie. Nicolette gets a new roommate named Regina, who has eyes for Eddie, but Nicolette remains determined continue persuing him.
While Malcolm is away with Lydia, Malcolm leaves Eddie in charge of running the bar for a day. Eddie gets the idea that he should transform the bar into an exotic dance club, but doesn't count on the law being there and wanting to shut down the club.
The guys land in jail when they try to scalp Jodeci concert tickets.
Eddie takes karate lessons from a kung fu master to prepare for a duel.
Holly passes Malcolm off as her boyfriend when her parents come for a visit. But all goes awry when Malcolm is caught in a compromising situation. Eddie seems oddly attracted to a psycho chick. And Tim meets Danielle for the first time, and its love at first sight.
The club puts on a 70's promotion and everybody dresses up in 70's attire, and grooves to the funk. Eddie gets into the spirit of the 70's, so much so that he remains there even after the promotion is over. When Nicolette arranges for him to get a city contract fixing parking scooters, Eddie's priorities become confused, & business & friendships begins to suffer. Eddie finally admits he's a Funk-aholic.
When the guys decide to film a TV commerical for the bar, to attract new customers, they are inadvertently a big success...as a gay bar. Finally, the guys decide to dress the part.
Eddie and Malcolm try to return an expensive leather sofa Eddie bought with rent money, even after he accidentally painted graffitti on it.
Tim is forlorn over his breakup with Danielle. He writes her a love letter to express his deepest feelings for her, but hands it to Malcolm to pass to her. But when Tim's love letter falls into the wrong hands, everyone who reads it becomes entangled in romantic misunderstandings, thinking that the letter was intended for them.
An unlikely romance blossoms between the guys and their girls, during an employee camping retreat in the woods. After being stranded in the woods overnight, Nicolette finally gets Eddie to surrender to her ample womanly charms. Meanwhile, Holly shares bodily warmth with Malcolm, and learns a new respect for him.
A rival towing company owner, runs Eddie out of business, and gets him to work for him. But Eddie decides to turn-the-tables on his unscrupulous boss, and get his business back.
