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. Others often ridicule him in the gym because he usually gets knocked out within the first minute of any round. He quickly decides that his career is 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 Joe is set on becoming a famous actor. While shooting the scene, An arc light falls from above and lands on a spilled chemical puddle. Joe lands in the puddle and gets shocked. He lies knocked out 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, Joe has finished resting after his ordeal, and they decide to shoot a fight scene. However, Joe is starting to feel a little funny. He begins to lose sanity, busting through a wall and rampaging out into the streets. Peter sees this happening and quickly turns into Spider-Man. They fight until Joe throws Spider-Man into a garbage truck. While still confused, Joe gets some help from his agent, and they leave the scene. In disguise, elsewhere, Norman Osborn offers $20,000 to various gangs for the defeat of Spider-Man.
At Empire State University, Peter walks into a protest march. The protesters want him to join, 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 there, getting laughed at by all the other boxers. He loses sanity again and knocks them all out. Spider-Man sees this and steps inside the gym to help out. They battle once again until Spider-Man finally knocks Joe down. The punch 'un-fazes' him, and Joe feels like how he used to before the accident. As the police arrive, Joe's agent explains to them what happened. The movie company decides to give Joe a starring role for his impressive display. They also pay for the damages Joe 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. Peter starts to think about Ned's possibility of getting married to 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.
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