The film chronicles the life of J, portrayed by George Segal, a former hairdresser whose marriage to Paula Prentiss has ended, leading him into a turbulent and aimless existence as a drug addict wandering through Times Square. J's life takes a turn when he starts doing occasional deals for the intimidating drug dealer, Hector Elizondo, who goes by the name Vivian. Despite his hopes for a life filled with love and peace, J and his friend, the equally troubled junkie Billy Dynamite, played by Jay Fletcher, devise a plan to sneakily steal a safe from a cashier. However, as it often happens in J's chaotic world, they are caught and make a frantic escape.
In a twist of fate, J meets Parm, a free-spirited woman portrayed by Karen Black, while attempting to steal her car. Instead of stealing from her, J finds himself drawn to her vibrant personality and they end up falling deeply in love. As they share intimate moments, Parm discovers a tattoo on J's arm reading "Born to Win," something he wears as a badge of pride.
However, J's addiction worsens and leads him back to dealing with drugs. After dropping off narcotics to Irving Selbst, a prominent figure in Vivian's network, J and Billy make a reckless decision to rob Stanley's girlfriend. Their plan crumbles when they encounter corrupt cops, played by Robert De Niro and Ed Madsen, resulting in J’s arrest. Faced with a potential prison sentence, he agrees to work as an informant, providing information on Vivian.
As the pressure mounts, J finds himself caught between his troubled life and the demands of both Vivian and Stanley. After attempting to escape with Parm to Long Island, their brief moment of happiness is shattered when J returns to the city to collect payment for a drug delivery. This leads to a series of escalating confrontations that test J's resolve and survival instincts. When tragedy strikes and Billy overdoses on drugs meant for J, the stress proves too much for him to handle. Abandoning his friend’s body in an elevator, he spirals further into despair.
In a final effort to escape, J and Parm's plans unravel once more when the detectives frame Parm by planting drugs on her. Alone and engulfed by turmoil, J finds himself at Vivian's club, now dependent on the drugs he once dealt to escape his harsh reality. As he reflects on his past choices, J acknowledges the haunting possibility of being just another victim of the drugs—a “hot shot.” Ultimately, he is left sitting alone on a bench in the heart of Times Square, marking his uncertain future.
