Rick Rambis, portrayed by Jason London, lives a carefree life at a ski resort on Bull Mountain, Alaska, along with his best friend Luke (played by Zach Galifianakis) and a group of diverse friends including Anthony, "Pig Pen" (Derek Hamilton), Jenny (A. J. Cook), Lance (the bartender), and Stumpy (David Koechner). The mountain was established by the legendary Herbert "Papa" Muntz (Lewis Arquette), who tragically met his end while enjoying a drink and skiing. Following his death, the mountain has been under the control of his son Ted (Willie Garson), who plans to sell it to the affluent ski resort mogul, John Majors (Lee Majors).
In the intricate social web of the resort, Rick harbors feelings for Jenny, yet he struggles to move on from his previous romance with Anna (Caroline Dhavernas), who vanished mysteriously after their summer romance in Mexico. Rick, embodying the title of "King of the Mountain," again proves his mettle while competing with his friends, much to their amusement and dismay; he manages to win a drinking contest against Anthony, who has been unlucky for three years in a row.
Pranks reign supreme among the group, with Pig Pen prankingly getting Luke intoxicated and leaving him in a precarious situation overnight, which leads to an unexpected encounter with a polar bear. At the same time, Rick musters up enough courage to invite Jenny for a date.
However, the arrival of John Majors presents a challenge for Rick as he plans to change the mountain's name and transform it into a luxurious resort. Rick provides thoughtful suggestions to convert Bull Mountain into a hub for thrill-seekers, yet the drastic changes disturb his friends, especially when John enforces new, unflattering uniforms.
The conflict intensifies with the return of Anna, rekindling old feelings in Rick, causing him to miss his much-anticipated date with Jenny. Complicated dynamics emerge as Anna confesses that she left Rick because she was already engaged to Barry (Todd Richards), a paraplegic who arrives in town, adding more stress to Rick’s emotional confrontation.
As John begins to alter the local landscape, stripping it of its charm and heritage, he attempts to lure Rick into management, but Rick quickly learns of Ted's betrayal in firing his friends, prompting a heartfelt resignation. Rick’s rallying speech about the significance of their home and memories of Papa Muntz ignites a rebellious spirit in them all.
In an electrifying act of camaraderie, they defiantly invade a party meant for investors, leading to chaotic yet joyful bedlam. Rick, now determined to protect his friends and the mountain, frees Anna from the grasp of her fiancé and sends her off, realizing that their past is no longer what he desires.
With the help of his friends, Rick confronts John and the new direction he wishes to take, ultimately prevailing as Ted decides against selling the mountain. In the culmination of their adventures, Rick gathers the courage to ask Jenny out once more, finally letting go of his lingering feelings for Anna, suggesting the promise of new beginnings amidst the snowy peaks.
