Elmo imagines himself as a sea captain, with the viewer as his first mate. His goal is to find Moby Pink, the rarest creature in the seven seas. With his chicken crew, they remove the anchor and set sail. A bottle tells him that to find Moby Pink, they must sail to the Bermuda Octagon. They pass the Bermuda Triangle and find the Bermuda Octagon, where a giant octopus forbids them from passing, unless they defeat him in ping-pong. Elmo gives a serve and the cocky octopus gets tangled up in his arms and loses. They find Moby Pink, who thrashes around, irritated by the barnacles on her back. Elmo gets rid of them using subtraction. Moby feels so glad she could dance, but since whales don't dance, Elmo uses his powers of imagination to get them to dance together.
