Hobgoblins

Security guard Dennis explores an abandoned film vault at an old studio. His fantasy of being a rock star briefly comes to life on stage, but he dies in the illusion. His boss, Mr. McCreedy, discovers the body and shuts the vault door.

Kevin takes the vacant job to win over his girlfriend Amy. After his first shift, he returns home to find a party waiting with Daphne, Kyle, and Amy, and Nick too. A goofy contest with a rake and a garden hoe ends with Kevin losing, while Daphne and Nick have sex in Nick's van.

The next evening, while pursuing a burglar, Kevin stumbles upon the studio vault and a small group of hobgoblins escapes. The creatures reveal themselves and begin to menace the lot. Mr. McCreedy explains that they crash-landed decades ago and have been kept under guard all this time.

The hobgoblins travel to Kevin's house, drawn by the bright lights, and immediately grant the group their fantasies. The fantasies come true with deadly consequences, as reality twists around their desires. The friends realize the danger of these powerfully dangerous creatures.

Amy's repressed sexual desires are unleashed under hobgoblin manipulation, steering the group to Club Scum. The nightclub becomes the stage for Amy to enact a forbidden fantasy as the hobgoblins manipulate events.

In the melee at Club Scum, Nick experiences a brutal commando raid fantasy. A hand grenade knocks him out and he appears killed, only to return later, bandaged and on crutches. The chaos underscores how dangerous the hobgoblins' power can be.

Kevin fights the hobgoblin controlling Amy and kills it just before she can have sex with Roadrash. Amy is restored to her original personality, though she emerges with a notably less repressed attitude.

Thinking the threat is over, Kevin, Amy, Kyle, and Daphne return to the studio lot to report to Mr. McCreedy. The burglar from the earlier pursuit confronts Kevin, but he realizes the burglar is a phantom created by hobgoblins and defeats it.

McCreedy shoots the hobgoblin still controlling the burglar, saving Kevin. The remaining hobgoblins retreat back into the vault, which McCreedy has already filled with explosives.

The hobgoblins are blown to pieces by the explosives. In the aftermath, Amy promises to have sex with Kevin, Nick returns to have sex with Daphne, and Kyle asks to use McCreedy's phone, hinting at more phone-sex antics.

With the hobgoblins defeated, McCreedy secures the vault and ensures there are no lingering threats. The studio is left to deal with the aftermath of the chaotic night.