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Odin has undergone the Egyptian "ceremony of rebirth," which implanted the spirit of Atum-Re in him. He has forgotten his relationship to Thor and simply recognizes him as one of many children.
Unable to jog Odin's memory, Thor tries to force the Egyptians to release Odin from their enchantment. But he is no match for them when the power of Atum-Re is directed against him.
The Egyptian gods convince Thor to join them, promising that they will release Odin from his enchantment once they defeat their enemy, Seth -- the snake-god of death. Evil Seth is in the process of killing his whole family.
Jane Foster insists on joining the group, as they enter the pyramid to confront death. On a golden bridge they are attacked by a horde of flying skeleton charioteers. The Egyptians' greatest weapon is the "Atum-Force," which only works when Osiris calls on Odin/Atum-Re to use it. When the battle gets too thick for Osiris to call on Atum-Re, Jane Foster finds that she can activate it by her tears.
Then Seth appears on his Death-Ship. With a blast from his sword, he makes Isis and Osiris old and shriveled. Thor leaps upon Seth's ship and attacks. During the battle Thor realizes that the very touch of Seth's hand means death. Thor is cornered with Seth reaching out to stop his warrior's heart, when a tear from Jane sends the Atum-Force blasting through the hull of the ship and searing off the very hand of Seth.
Seth's ship crashes on to the golden bridge. There Horus refuses to kill him, but instead exiles him. Odin is now ready to leave with Thor.