Mac returns to his hometown in Mission City Minnesota to make good on a promise he made with his three best friends Jesse, Neil and Chuck to return 25 years later and dig up a time capsule they buried. Mac first visits Chuck at his hunting and fishing store, where Mac witnesses a father buying a semi-automatic rifle to get around the 7-day waiting period on handguns. Meanwhile, Chuck's son Danny and Neil's son Sean have narrowly escaped a run-in with a local crack dealer named Spider, and they come into the shop. Mac then goes to visit Neil down at the police station, where he's now an officer. Mac finds him in the evidence room looking at the old gun that went off and killed their friend Jesse when they were kids.
Spider later on wants to kill Danny for breaking his windshield on his car when he pulled Sean out of the threatening situation, and lies in wait outside the store for Danny to emerge. Danny narrowly manages a drive-by shooting with a shotgun, and Mac arrives with Neil at the crime scene. When Danny and Sean go inside to get some brooms, they discuss how to rid themselves of Spider and their crew once and for all—a drug shipment is due in next week, and Sean will tip the cops off to it—but until then, he convinces Danny to lay low in a fishing cabin out of town until then. Danny reluctantly goes along with the plan. While Sean goes off to get the key for the cabin, Danny absconds a small .38 pistol from his dad's shop, but Mac witnesses the pilfering and confronts Danny about it. Just when it seems Mac has convinced Danny to talk to his father about what's going on, Danny double-crosses Mac and tips a rack on him enabling him to escape to the meeting point he and Sean agreed upon. Chuck and Neil race in, and Mac tells them everything. Neil puts out an APB on Sean and Danny.
Shortly thereafter, based upon Chuck's vague description of Spider's car, two of Spider's crew are arrested. Spider and his remaining crony decide to pay Sean a visit. Sean, now in posession of the key to the cabin, leaves his house, only to have Spider corner him and force him to divulge Danny's whereabouts by forgetting Sean's debt and forcing him to take a hit from a crack pipe.
Mac finds Sean in his altered state, and Sean confesses to telling Spider about Danny's location. Mac, though angry at Sean gets him to pull it together and tell his father about what's going on while Mac will go to Danny and try to stop Spider and Danny from potentially killing one another.
Mac arrives minutes after Danny has fled inside a nearby abandoned hospital having seen Spider arrive. Spider and his crony unfortunately easily track him, thanks to his sloppy trail of open doors and oil-slicked footprints. Danny fortunately manages to let them slip past at one point, locking them inside a gated hallway, barely managing to avoid being shot with their shotgun. Mac slips inside and upon finding Danny in the stairwell, startles him and Danny slips on some bullet shells he had dropped there earlier. As Danny slips down the stairs, Mac is reminded of the accidental shooting of his friend Jesse. Mac had stopped Neil from shooting a bird after firing at some bottles, and in doing so had knocked the gun into the air, whereupon it had fallen to the ground and accidentally discharged, firing into Jesse's chest. Meanwhile, back in 1988, Danny's slip-and-fall causes the gun to discharge, shooting him in his lower stomach region. Mac calls out Jesse's name, but snaps out of his haze and gets Danny to a treatment room where he applies gauze to his wound. Meanwhile, Spider and his cohort shoot the door open that was trapping them, and split up to look for Danny. Mac begins to look for a way to get both he and Danny out of the situation by combining a bottle of Phenolphthalein solution and some common drain cleaner which mimics the color and texture of real blood. Flashback to the shooting of Jesse, as both young Neil and Chuck panic and flee. Young Mac however remains calm and begins to pull apart his bike to rebuild it into a rickshaw-like contraption that he can strap Jesse to. back in 1988, Mac sprinkles a path away from the room with the fake blood, where the crony finds it and follows. Mac puts a finishing touch by slapping a handprint on a nearby door frame, and the crony follows it to the very end. Mac however has been hiding overhead and swings down, kicking the thug into a walk-in refrigerator, knocking him out and Mac locks him in using a pin from Danny's handgun inside the locker handle.
Spider however has heard the door slam and comes to investigate. Mac returns to the treatment room, only to be jumped by Spider from behind. Danny however hears their conversation and hides behind a curtain, bleeding and barely able to hang on. Spider searches the room, and just as Mac convinces him that Danny is on another floor, Danny collapses and exposes himself. As Spider turns to fire at Danny, Mac quickly grabs a nearby gurney and pushes Spider through a window, rendering him unconcious. Back in 1963, Mac is now towing Jesse out to the road, trying to flag down a car for help. Return to 1988 where Mac has Danny on the gurney and taking a cart full of dishes rams open a door to the outside, where Neil and Chuck arrive thanks to Sean's tip.
Flashback to 1963, where the ambulance has arrived and begins to treat Jesse's injuries. The story continues to mimic itself between the two time periods, as Mac begins to perform CPR on Danny, while the paramedics work on Jesse in 1963. Sadly, a blanket has been pulled over Jesse's face, who has slipped away. Back in 1988, Danny however manages to hang on enough while being treated to garner a pulse, and he's quickly shipped off to the hospital.
Mac, Neil and Chuck return to their meeting spot, where they discuss how Danny will recover and Sean is now in rehabilitation. They unearth the time capsule, where Mac pulls out a giant rubber spider. Neil had put it as a prank on his 10th birthday cake, where his mother had beaten it (and the cake) to death thinking it was real. Mac tosses a baseball inside to Chuck, who had aspirations of playing for the Minnesota Twins. The third item pulled out is a non-lethal mousetrap Mac had made as a kid, consisting of a light strainer that would snap over the rodent,keeping it alive and able to be released elsewhere. Finally, in a somber moment, Mac pulls out an envelope, where they gather around and read the inscription on the back of a card-"The best pals a guy ever had". Mac pulls it out, and it's really the back of a picture of the four of them posing in hunter's caps, toy pistols in hands. Mac voices that they all miss him. Fade to black.