Oscar is a loser--or at least, he thinks he is. Sure he has a job as a tongue-scrubber at the local whale wash, he has the affection of Angie and the respect of the locals that live at the bottom of the reef... but he isn't a "somebody". Only with fame, fortune and a penthouse in the top of the reef does Oscar believe he can be somebody.

After another of Oscar's get-rich-quick schemes goes sour and it looks like he's going to end up permanently deep-sixed, Oscar takes credit for killing a shark, Frankie, in a play to save his own skin. Before Oscar knows it he has fame, fortune and the respect of the whole reef. He is the Sharkslayer and everyone loves him. Well, everyone that is except the local shark mob-boss who wants revenge on the Sharkslayer for the death of his son, Frankie...