The movie starts in at a party in which a group of teenagers (featuring Kid 'n Play) claims it is the best party they have ever attended, until an elderly man (Lil Jon) enters and tells them the history of Freaknik. He tells them it was the biggest party of all time, until it was broken up by the police, whom he claims killed Freaknik. The group is then led by the old man in summoning Freaknik, who appears as the Ghost of Freaknik Past (T-Pain).

The scene changes to a radio station that is interviewing Freaknik, who says that Freaknik is back. He also says that a rapping contest will be held, the victor of which gets "a lifetime supply of money, clothes, and ho's". The scene changes once more to the bedroom of Virgil (Young Cash), who is hanging out with the rest of the Sweet Tea Mobsters, a group of three teenage rappers from Sweet Tea, Florida, who hope to achieve fame. The group decides to drive to Atlanta to participate in the aforementioned contest, along with their marijuana smoking (and supplying) friend (DJ Pooh).

During their journey Light Skin (Cee-Lo) tells of a secret society of African Americans called The Boule, that seeks to guide the course of black culture. The members of this organization are parodies of Oprah, Al Sharpton (voiced by Charlie Murphy), Bill Cosby, Russell Simmons, OJ Simpson, and Jesse Jackson.