Two deep-sea divers, known only by their nicknames of "Three-Time" and "Forty-Fathoms," find that no place on earth is big enough for both of them at the same time, even the bottom of the ocean. All day long they fight to salvage sunken gold at forty fathoms deep in the ocean, and all night long they fight over dames. This situation continues even when they both go to work for Helen Young, the owner of a tug-boat and a salvage business.