William Shatner and the bad guys believe (rightly, as it happens) that the cocaine they are smuggling into the country in a sculpture of a seahorse is the largest shipment ever transported. Jim and the IMF beg to differ. They perform a scam within a scam convincing the smugglers that Willie (magically transformed into a chemist by a lab coat, glasses, and some spiffy jargon) has invented cheap, synthetic cocaine. Greed prevails and the next thing you know they're selling one another out and "corrupting" a cop played by Barney. They uncover first one scam (surprise! Mimi isn't really dead), then another and are finally surrounded by the police, just as they figure out exactly who is conning who.