Les, a small-time celebrity photographer desperate to make it big, befriends Toby, a homeless young man with no direction except a vague desire to become an actor. When by chance, Toby becomes romantically involved with K'Harma Leeds, the hottest pop star of the moment, Les grows jealous and plots revenge.
A filmmaker discovers a box of video tapes depicting two students' disturbing film project featuring a local horror legend, The Peeping Tom. As he sets out to prove this story is real and release it as a work of his own, he loses himself and the film crew following him into his project.