There's a bounty on Spider-Man's head and Norman Osborn is behind it! As if struggling with homework wasn't enough, Peter Parker must confront the villains who are seeking his life. Also, a chemically-altered boxer named Joe Smith may be stirring up trouble for Spider-Man.
A guy named Joe Smith has dreams of becoming a boxing champ. He often ridiculed by others in the gym because he usually got knocked out within the first minute of a round. He quickly decides that his career was going nowhere. Joe's agent starts to feel bad for him so he gets him a job as an extra in a science-fiction television show and now he decides on becoming a famous actor. While shooting the scene, An arc light falls from above and lands on a puddle of spilled chemicals. Joe lands in the puddle and gets shocked. He is knocked out and lays resting on the floor.
Meanwhile at the Daily Bugle, Peter runs into Ned Leeds and they get into a fight concerning Betty Brant's whereabouts. Back in the studio, After Joe finished resting for awhile they decide to shoot a fight scene but Joe is starting to feel a little funny. He begins to lose it and ends up busting through a wall, going outside into the streets. Peter sees this happening and quickly turns into Spider-Man. They fight out into the streets until Joe throws Spider-Man into a garbage truck. While still confused, Joe gets some help from his agent and they leave the scene. Elsewhere, Norman Osborn in disguise offers $20,000 to gangs for the defeat of Spider-Man.
At Empire State University, Peter walks right into a protest march, The protesters want him to join them but Peter refuses to get involved. While in class, Peter wonders about Harry's father and remembers that he read about him somewhere. Later on, the gangs that are offered to defeat Spider-man quickly go out and try to earn there reward. They fail however, as Spidey easily evades them. Spider-Man hears a commotion at a nearby gym. Joe is in there getting laughed at by all the other boxers. He loses it again and knocks them all out. Spider-Man sees this by a window and steps inside the gym to help out. They battle once again all around the gym until Spider-Man finally knocks Joe down. The punch un-fazed him and now he feels like how he used to before the accident. As the police get there, Joe's agent explains to them what happened. The movie company decide to give Joe a starring role for his impressive display, and they pay for all the damages that he caused so he wouldn't be taken into custody.
At home, Aunt May is seen saying goodbye to Mary Jane Watson (Whose face is covered by a tree). Later on, Peter comes home and Aunt May tells him he just missed Mary Jane again. He starts to Think about Neds possibility of getting married with Betty and later turns on the TV to learn that Joe has been given his own TV show. While depressed, he goes upstairs to bed.