McCreedy (James R Sweeney) is a security guard at a disused studio who has a secret. Years before he encountered a UFO full of furry aliens. Naturally he locked them up in the bank vault which the studio for some reason has. For thirty years he has guarded the aliens in the vault because they have the ability to kill people after they make their fantasies come true.
McCreedy's young apprentice guard Kevin (Tom Bartlett) accidentally releases the aliens from the vault, now he and McCreedy must recapture them while they unleash havoc on the town including helping Kevin's friends achieve their fantasies which seem to involve being sex sluts or committing murder...
A curious film that doesn't make much sense. The characters are either pretty blank or rather hateful, and the hobgoblins themselves are rather like demonic furbies and the film is pretty low budget. Quite awful but not without a lot of camp value.