The film unfolds through the perspective of the fictional character Joe, voiced by Allen himself. Joe reminisces about two burglars who unintentionally got involved in a radio game while conducting a home burglary after answering a call. He reflects on how old radio songs are tied to his childhood memories.
Set during the late 1930s and early 1940s, young Joe grew up in a modest Jewish-American household in Rockaway Beach. His mother was an avid listener of Breakfast with Irene and Roger, whereas his father concealed his profession as a taxi driver due to embarrassment. The family dynamic included Uncle Abe and Aunt Ceil, along with grandparents and Aunt Bea, who was known for her endless dating exploits in search of Mr. Right.
Joe had a fondness for the radio program The Masked Avenger, which fueled his desire for a secret decoder ring. In his daydreams, the Masked Avenger was a striking hero, though the voice behind the character was actually short and bald. His memories were filled with various radio moments, from tales of sports heroes and World War II news reports to fanciful stories like a Martian invasion and a live broadcast covering the rescue of a little girl who had fallen down a well.
Together with school friends, Joe often fantasized about spotting German aircraft, but found himself distracted by a woman undressing in her bedroom, who turned out to be their substitute teacher. While by the coast, he believed he had seen a German U-boat but chose to keep it to himself, knowing others might dismiss his claim.
Joe was captivated by the allure of Manhattan, the epicenter of radio broadcasts. After visiting Radio City Music Hall, he described it as the most breathtaking sight he had ever encountered.
Among the stories Joe collected was that of Sally White, whose aspirations for fame were hindered by her poor voice and accent. Starting as a cigar salesgirl, she found herself stuck on the roof of the radio building with Roger, who was unfaithfully involved with Irene. After witnessing a crime, the gangster Rocco sought to eliminate her, but influenced by his mother’s wisdom, he opted to use his connections to boost her career, enabling her to become a gossip reporter.
As the clock struck midnight on New Year's Eve, Joe was escorted from his room to partake in the festivities ushering in 1944. At the same time, the radio stars congregated on the rooftop of their building. Joe concludes that he will always cherish the voices of these radio figures, although with each New Year's Eve that passes, those voices seem to fade ever so slightly.
