Set in Toronto, the story follows James Ballard (James Spader), a film producer embroiled in an unconventional open marriage with his wife Catherine (played by Deborah Kara Unger). The couple's relationship is marked by a series of infidelities, presenting a complex web of lust and unfulfilled desires. Early scenes depict Catherine's peculiar arousal from touching bare metal against her skin, while James engages in an affair with a camera girl on his film set. Their intimate encounters become increasingly mundane, yet the couple finds heightened excitement in sharing the intimate details of their extramarital activities.
The narrative takes a dramatic turn when James drives home one night and collides with another vehicle, resulting in the tragic death of the male passenger. Among the wreckage, he finds himself trapped alongside the passenger's wife, Dr. Helen Remington (Holly Hunter), who intriguingly exposes herself to him as she removes her seat belt. This encounter marks the beginning of an unusual bond between them, as well as a newfound obsession with car accidents and the unusual allure of danger.
Following his recovery, James meets Helen again and is introduced to Vaughan (Elias Koteas), a man captivated by the wreckage of James’ leg post-accident. James is confined to a secluded ward intended for air crash victims, where he and Catherine share explicit moments while recounting the details of the crash. The tale takes a deeper dive into their psyche when James begins to obsessively watch traffic and realize that his perception of driving has dramatically changed since the accident.
As the narrative progresses, James and Helen's connection intensifies, leading them into a thrilling moment of passion at the airport garage after an almost-fatal driving incident. Meanwhile, James's relationship with Catherine grows increasingly urgent and raw. They seek answers for their bizarre arousal toward car wrecks by attending one of Vaughan’s cult-like gatherings that recreates the infamous crash that resulted in James Dean's death.
When authorities interrupt this bizarre performance, James escapes with Vaughan, Helen, and a stunt driver named Colin Seagrave (Peter MacNeill). The group becomes more entangled, exploring their obsessions with sexual encounters associated with the aftermath of car accidents. While James alternates between relationships with Helen and his wife Catherine, Vaughan’s influence escalates as he fetishizes the concept of car crashes.
Tragedy soon strikes when a reckless Vaughan purposefully crashes his car, leading to his own demise in a spectacular accident. This act propels Helen and another member of their group, Gabrielle (Rosanna Arquette), into an unexpected romantic connection, finding solace amidst their shared chaos.
In a revelatory climax, James replicates Vaughan's dangerous facade by viciously pursuing Catherine on a freeway, resulting in a catastrophic collision that leaves their roles of desire and destruction inseparably linked. As he approaches the wrecked car in which Catherine lies, they share an intimate moment, and his whispered words of "maybe the next one" linger in the air, hinting at an inevitable connection between extreme ecstasy and mortality. This raw exploration of desire amidst tragedy delivers a haunting portrayal of how trauma reshapes human sexuality, leaving both James and Catherine teetering on the edge of ecstasy and destruction.
