Panty and Stocking have collected enough Heaven Coins to be allowed back into Heaven. However, only Stocking is taken back while Panty is forced to repeat her duties on Earth and forbidden to have sex as punishment for her immoral behavior.
The episode starts with Stocking, who after defeating a ghost, says they've been running into a lot more ghosts lately. Meanwhile, Panty is having sex inside a car with two guys, who run away after finishing. Panty proceeds to fill her Sex Diary with hearts, but is told by Stocking to "stop fucking around" and start helping her instead. Panty explains that since she landed on Earth, she came up with a goal, which consists of having sex with a thousand men before returning to Heaven, entitled "No Sex No Life". Daten City's church is suddenly stricken by lightning, meaning that there had to be some kind of new revelation. Garterbelt calls the angels and proceeds to congratulate them, for they had finally obtained enough Heaven Coins to be accepted back in Heaven. The Anarchy sisters prepare their luggage and stand before the altar.
Before leaving, Stocking starts lecturing Panty, telling her she did a half-assed job at both picking men and slaying ghosts. However, in the middle of her rant, Stocking is taken back to Heaven, whereas Panty is not. Garterbelt gets a note, saying that Judgement was displeased by Panty's inappropriate behavior and the fact that she was such a bitch. This meant she had been commanded to repeat the trial of collecting Heaven Coins. Panty is furious, and inquires what was wrong with being a bitch. Brief, on the other hand, is delighted, for he had never imagined he was going to be teamed up with Panty alone. Panty then drops Brief off, telling him to take care of the ghosts for her and to not come back until he collected enough Heaven Coins. While Brief is busy, Panty proceeds to have sex with as many men as she could, soon reaching 999. Brief comes back and tells Panty he couldn't defeat ghosts on his own, but Panty tells him to stop giving her excuses.
Brief's cell phone suddenly rings, and upon answering it, he is reminded of a party he is required to attend. Noticing Panty was upset, he decides to invite her to the party. After arriving at the party, Panty tells Brief she didn't expect him to have the contacts to attend a party like that. Brief is taken away by a couple of men, while Panty is called by Garterbelt, who asks her where she was. Garterbelt tells Panty there had been a condition attached to her repeat trial, which was that she wasn't allowed to have sex anymore, which angers Panty, as she wasn't going to abide by that condition. However, every time Panty tries to have sex with a guy from the party, Garterbelt interrupts them. A few attempts later, Panty goes to the bathroom and throws her tiara into the sink in annoyance and anger. She is then distracted by an aquarium, where she meets a handsome guy on the other side of the fish tank, who smiles at her.
He tries talking to her, but Panty couldn't hear him through the aquarium. He is soon taken away by a couple of men in black suits, leaving Panty confused. The host of the party thanks everyone for coming and then announces the engagement between the mayor's daughter (Scanty in disguise) and his son, Briefers Rock. Brief tells his father he wasn't going to marry a girl he didn't love, explaining the girl he wanted to marry was Panty, who is confused by this news. Scanty runs to Brief, saying she wasn't going to lose her fiancé to a bitch, but Brief pushes her away anyway, knocking her over and revealing her true identity. Scanty and Kneesocks, who was also in disguise, prepare themselves to battle Panty, who tells them she could take the two of them on her own. Panty engages them in battle, but since she is outnumbered, she is easily overcome by Kneesocks. Panty frees herself and tries shooting her, but Backlace loses its power and becomes bullet-less.
The demon sisters pin Panty down, telling her that angels had never stood a chance against demons and that it had always been that way since Creation. As Scanty is about to shoot Panty, Brief suddenly used his PKE Meter to shoot a smokescreen so that Panty can get free and escape. Brief takes Panty to an exit, and tells her that she would not stand a chance against the demon sisters without Stocking. Panty, confused, asks how did he know about Stocking, for she couldn't recognize him. He tells her he is Brief, and Panty, completely surprised, orders him to stop confusing her while blushing. Panty and Brief go away in See Through, but it breaks down, leaving them in the middle of a road. Brief sees an abandoned house, and the two of them hide inside of it. While inside, Panty grabs Brief's hand and tells him there is something wrong with her, but Brief says he is going to protect her, since he loves her.
Panty tells him she is willing to settle with him for one thousand, and the two of them proceeded to make out and have sex. However, with each attempt at sex, Panty ends up in pain each time. Garterbelt shows up and explains to Panty she had Revival Virgin Syndrome, which consisted of the reconstruction of an angel's hymen. Corset then appears from the back of the house, telling Panty she had assisted in awakening the key without realizing it. Corset tells them that the awakening of the key is what all the demons had been waiting for, as Brief's penis transforms into a key, which is the the key to Hell's Gate. Garterbelt tells Panty to grab Brief and run, but Scanty and Kneesocks stop her. As the demon sisters take Brief with them, Panty tries transforming her panties into Backlace, but as she had become powerless, the transformation fails. Her halo appears, falls down, and breaks, while Corset assures them that they were going to suffer for their sins.
At the beginning of the episode, when Stocking defeats a ghost, it cuts to explosion scenes of Giant Brown, Queen Bee, and Crazy Crazy Cabbie, which are ghosts that have already been defeated in the series.
When Panty drops off Brief to get Heaven Coins, in the background there is a poster that says "TCY Crew", referring to the group that helped perform the The Original Soundtrack to the series.
The episode's title and the scene where Panty and Brief look at each other through an aquarium is an homage to the 1996 film adaption of Romeo and Juliet. It even features Jimmy Hart's version of the song used in the equivalent Romeo + Juliet scene.
Panty's plan to have sex with 1000 men before returning to Heaven, is most likely a reference to B Gata H Kei.