The ranchers have given money through Benton to the crooked lawyer Harkness to save the titles to their land. When Harkness gets a better offer, he steals Benton's receipt for the money and Benton is jailed. To fight back, Benton escapes jail at night to become the Phantom.
Working undercover, the Rangers are after Bull and his gang. Ted successfully joins Dr. Aikmans traveling medicine show, but Jim's identity has been exposed and he is in danger.
The Wild West goes wacko when the Greatest Fast-Drawin', Fancy-Dressin', Silver-Spurred, Geetar Playin', Singing Cowboy movie matinee idol Rex O'Herlihan hits the saddle in this cockeyed, affectionate send-up of the '40s B-movie Western.