Aboard a gambling ship bound for Midway City is gambler Ace Chance. Ace has his sights set on Mona Marcy, the world’s wealthiest woman, and plans to marry his way into her purse. However, Ace owes a loan shark named Booth Cody a lot of money. Booth’s goons find Ace as he arrives in port, and jump him. Detective Jim Corrigan hears the ruckus, and rushes to the aid. However, Ace is on the brink of death, and his spirit rises from his body as the thugs throw his body in a tanker vessel.
Corrigan knocks both of the thugs out, as the Spectre enters the tanker to save Ace. Spectre finds that Ace’s body is absent its soul, and tries to bring the spirit back. The spirit feels drawn back to Earth, but instead of returning to its own body, possesses the body of Jim Corrigan. With a new body to inhabit, Ace speeds off in Corrigan’s body, intent on continuing his plans to woo Mona Marcy.
The Spectre, confused as to why Corrigan would leave the scene of the crime, goes about bringing Booty Cody’s thugs to the local police. The Spectre goes to find Jim Corrigan to return to his body, but keeps finding himself interrupted; first another robbery, then an earthquake, then a typhoon, and finally trees that come alive to grab his spirit. The Spectre eventually catches up with Corrigan, to find him resigning from the police force. The Spectre tries to enter Corrigan’s body, but cannot, due to a barrier of evil protecting it. Spectre travels the world, absorbing “good radiation” for a second attempt, and uses this extra energy to rip the spirit of Ace Chance from Corrigan’s body.
In the spirit world, Ace and the Spectre wrestle. Ace spent his time in Corrigan’s body learning about the evils of the spirit world, and calls basilisks to attack Spectre. Spectre defeats the basilisks, but then Ace calls upon evil demon worshippers to attack. Spectre again tries to catch Ace, but a group of evil warlocks intervene, allowing Ace to escape. Spectre stops the warlocks, but just as he catches up with Ace again, Ace calls upon Soraboru, the elemental dragon, to attack. Again, Soraboru is defeated, but these delaying tactics are allowing Ace’s plan to unfold.
Spectre drags Ace’s spirit back to his body, intent on shoving it back in there. However, while his allies were stalling the Spectre, Ace switched his body with Jim Corrigan’s in the hospital, covering it with an illusion. Ace intends on Spectre putting his spirit back into Corrigan’s body. At the last moment, Spectre sees through Ace’s illusion, and stops. Spectre puts Ace back into his own body, while a now-conscious Jim Corrigan must figure out what to do about a lovestruck Mona Marcy.