Uniqua, Pablo and Tasha are meteor watchers who keep an eye on the sky for meteors that might endanger the Earth. After learning a meteor is headed straight for Earth, Pablo, inventor of the Amazing Rocket Racket, his untested anti-meteor device, gets coated with a vial of space goo and transforms into a giant green creature whenever he gets overexcited about the meteor. The only thing that calms him back to normal is his teddy bear. Can Tasha and Uniqua keep Pablo from flipping out long enough to save the planet?
Uniqua, Pablo, and Tasha are in the backyard looking in a telescope. Pablo looks at the viewer and thinks that it is a meteor, but realizes that it is a person. Uniqua checks off it on her notepad. Pablo sadly tells the viewer that he has been waiting for a meteor to land so he can test out his new invention: the Rocket Racket. Uniqua encourages him by singing Today Could Be The Day. The backyard transforms into an observatory.
The trio put their belongings in lockers and Pablo hugs his teddy bear, Teddy, and puts the toy in his locker. Pablo is ordered to check on the Rocket Racket to see if it is okay. Pablo runs out of the door after seeing that it is okay. Uniqua tells him that a meteor is coming to Earth today. Pablo bumps into a cart displaying beakers and toxic space goo. Tasha stops it and makes sure nothing fell.
They do not know what could of happened if it spilled. Pablo agrees and bumps into it again. Green goo spills on Pablo. Tasha speaks of the meteor as Pablo sits down and turns large and green. He speaks in broken English and is angry. Tasha says he is "the Flipper" because he is flipping out. He wants to find the meteor and sings Where Is Meteor?. The girls run away from him until he finds Teddy and turns normal-sized and blue again.
They take Teddy away and talk about the meteor. Pablo turns into the green monster, The Flipper. They give him Teddy again and he turns back into Pablo. They think Teddy makes him normal. Pablo disagrees. They take away Teddy and discuss the meteor situation. He turns into the Flipper and the girls give him Teddy. He turns back. He agrees.
The trio walk outside and enter their truck. They secure the Rocket Racket. Uniqua tells Pablo to never let Teddy leave his sight. Pablo agrees. They begin to drive, but Pablo loses Teddy. They reinforce him to not flip out by singing Don't Flip Out. They see the meteor, but Tasha accidentally screams. Pablo asks why she did so, and Uniqua covers the meteor with her hand. She says it was nothing, but Pablo looks up and sees it. He turns into the Flipper and runs out of the car.
The car bumps into rocks and Tasha is relieved that the rocks did not fall on the car. The rocks fall on the car and destroy it. Tasha says she spoke too soon. Teddy falls into Uniqua's hands and tries to get the Flipper's attention. Uniqua throws Teddy to him and Pablo comes back. They explain how the car is destroyed and they can't save the Earth now. Pablo says he can. The others argue. Then Pablo corrects himself and says the Flipper can. They agree. They show Pablo the meteor and Pablo turns into the Flipper, jumps on the rocket, and grabs a tennis racket. He flies into outer space and hits the meteor back into the galaxy.
He returns to Earth and celebrates. They sing Meteor Watcher and cheer. Pablo invites them all over for oatmeal raisin cookies at his house. They accept as the rocky land transforms back into the backyard. They sing the end song and enter Pablo's house. Pablo opens the previously closed door and shouts "METEOR!".