A woman mysteriously develops psychic powers and the ability to contact spirits of the dead. Tōru, her avaricious husband, convinces the woman to hold seances, charging people money to contact their dead. When the King of Hell learns of this business, he kidnaps the wife. Attempting to rescue his wife, Tōru travels to the underworld with a Chinese monk. On the journey they encounter scenes of horror and sexual perversion.
Five years after they defeated Zuul, the Ghostbusters are out of business. When Dana begins to have ghost problems again, the boys come out of retirement to aid her and hopefully save New York City from a new paranormal threat.
When secretive new neighbors move in next door, suburbanite Ray Peterson and his friends let their paranoia get the best of them as they start to suspect the newcomers of evildoings and commence an investigation.