Arthur J. Hackensack, an insane Texas billionaire bent on conquering the world, kidnaps professor Frobisher Goonhilly, a paranormal scientist working on a matter transformation weapon. As a demonstration of its powers, Arthur transforms the Isle of White into a giant custard slice, New York into a bath sponge and the Eiffel Tower into a toast rack. The ghost Blinky, secret agent for S.P.E.C.T.R.E. (Society for the Prevention of Ectoplasmic Crime, Telekinetic misuse and Reality Endangerment), infiltrates the madman's sea ship (the newly raised SS Titanic) armed with an ectoplasmic gun and a case full of disguises.