Jimmy (Jack Wild) ventures to Living Island with his magical, talking flute, Freddy. Once there, he befriends many of the island's inhabitants, but the evil Witchiepoo (Billie Hayes) is determined to steal Freddy the flute away from the boy to impress the visiting Witches' Council and win the Witch of the Year Award.
Steady, dependable Coast Guard Lieutenant Raymond "Ray" Dower and reckless aviator Thomas "Speed" Bradshaw are the closest of friends. Ray saves the life of Captain Tobias Bliss, tramp steamer skipper, in a daring rescue at sea. Speed flies the injured man back to the base hospital, where the two officers later visit him. There Ray meets Nancy Bliss, Bliss' grand-daughter, and falls in love with her. Speed meets her at a dance and urges Ray to propose before some other guy does. Ray is assigned to flood rescue duty, and Speed and Nancy start going out together and discover they are in love.
When a confused eyewitness identifies New York City cabbie Brick Tennant as a killer, he is sentenced to death for a murder that he wasn't involved in. Though no one is willing to listen to the innocent prisoner's pleas for freedom, Brick's faithful fiancée, Mary, knows that her lover is innocent because she was with him when the crime was committed. As the scheduled execution draws ever nearer, Mary begins to investigate the murder herself.
An actress is murdered in the midst of shooting a dance sequence for her latest picture, with Inspector Steve Trent on the case.