Would-be filmmaker, Randy Calhern is coping with life in Hollywood. He deals with paying the rent, panhandlers, nosy neighbors and a number of ghosts from Old Hollywood who keep showing up to taunt him. He works as a projectionist at a repertory cinema, is obsessed with movies especially those from the Golden Era of Hollywood. Randy is equally enamored of drinking. He falls in love with a faded B-movie actress of the 1950's who lives in his apartment building. As he cons her into believing he's orchestrating her comeback, things begin to go awry. And soon Randy's drinking and delusion lead him to his own decline.