The episode starts with a motorcycle's speedometer. Suddenly, the setting changes to that of a motel front where Panty is having multiple rounds of sex with a random biker. Shortly after, she complains about his stamina, turning the TV on. On the news, there is an empty sports car driving out of control. Panty notices Stocking is following the vehicle and it is actually a ghost's doing.
Garterbelt and Stocking call Panty, requesting for her help. Panty decides to borrow the biker's motorcycle and proceeds to chase the sports car. A vast number of people are already following the ghost, including policemen, a helicopter, and Stocking, who is driving See Through. The persecution continues inside a mall, where Panty finally catches up with both Stocking and the ghost.
Panty tries removing her panties in order to transform them into Backlace, but the ghost pushes her aside, causing her panties to end up on his head. Panty, annoyed, jumps inside See Through and proceeds to chase the ghost at a higher speed. The policemen try shooting the ghost, but the ghost is unaffected, and causes the policemen to crash and explode into the sky. As a last resort, the policemen set up a barricade in order to stop the car, and proceed to crash their cars against the ghost. Their plan was successful, sending the ghost's head crashing to Panty's and Stocking's feet.
Stocking tries killing the ghost, but Panty stops her, for the ghost still had her panties on. This gives the ghost enough time to flee, and he later possesses a huge truck instead. Panty tries shooting the ghost, using the fallen policemen's armory, while Stocking ambushes the ghost from the front, splitting the truck in half using her katana. The ghost falls inside a train station, where it proceeds to possess a bullet train.
Panty, who fell on top of the helicopter after the truck was split in half, dives to the train's front in order to retrieve her panties. After feeling Panty on his front, the ghost has an orgasm and accelerates to an impossibly fast speed. Panty grabs on to Chuck to keep herself from falling, and after noticing the latter's nose was completely stretched, she realizes that what she really is looking for in men is elasticity, rather than speed or stamina.
Panty uses Chuck to catapult herself to the front of the train once again, retrieving her panties and shooting the ghost dead once and for all. The train crashed and takes the helicopter out with it. Stocking retrieves three Heaven Coins from the scene and the angels then go off in See Through. It is later revealed that the broadcaster from the helicopter received an award for filming Panty panty-less.