Howard Langston (Schwarzenegger) is a work-a-holic who doesn't spend enough time with his family, and is always late for the big events in his son's life (Jake Lloyd, that annoying kid from the Phantom Menace). This year he misses Jamie's Karate class showpiece, but will make up for it with his special Christmas present - a Turbo Man action figure. Problem is that Howard forgot to buy one this year - and on Christmas Eve it is going to be an impossible mission to get hold of the most popular toy that has ever been devised. Well, impossible for anyone but Arnie...

Howard is irate when he spies his wife and neighbour in their car - with the slimy neighbour (Belushi) just about to make a move ... but he bumps into the old police officer from before, and needs to make a run for it. Hiding in a warehouse, he is grabbed by a Director of the parade thinking he is somebody else, and dressed up in the lifesize Turbo Man costume.
  Arnie is then pushed out the doors to ride the main float in the parade, waving to the kids and enjoying himself. For the highlight of the show, he must pick out a kid from the crowd who will receive a limited edition Turbo Man doll.  Arnie picks out little Jamie.
  Meanwhile Sinbad the evil postman jumps onto the scene, disguised as the bad guy in the Turbo tv series with the big brain, and kidnaps Jamie and the doll.  Arnie chases after them, and fires up his turbo-booster back-pack to fly faster then a jet engine around the city's skyscrapers, without much GPS guidance.
  Jamie escapes to the top of a radio-type tower, chased by the bad brain, but the tower breaks and he is about to fall.  Finally, when he loses his grip, Arnie just manages to catch him in time. Sinbad is not so lucky and falls onto the float, where he is arrested by the cops.
  Arnie reveals his secret identity to the family - but as the bad guy is led away, little Jamie gives him the action figure out of kindness - so that his son will have a good Christmas, and won't grow up to be as bitter as his old man. Although he'd probably be happier if his dad wasn't behind bars for the forseeable future.