 Peter, peasant of Tork is the only one who can save the fair Princess Gwen (Mike) who is being held in the tower. The Fairy of the Magic Locket orders Mike the Cobbler to make Peter a gravity defying pair of shoes, Davy the Taylor to sow a impenetrable suit of armor and Micky the Innkeeper to forge a magic sword. On his way to the tower guarded by the Dragon of the moat, Peter bumps into Little Red Riding Hood (Davy) Hansel & Gretel (Micky and Davy) and Goldilocks (Micky).