Let's Do It Again is about a pair of friends who decide to fix a fight in order to raise money. Clyde Williams and Billy Foster are a pair of down-on-their-luck blue collar workers that need to figure out a way to make big bucks to help keep their fraternal lodge open. So, they decide that fixing a fight is the way to go. They come up with a scheme to hypnotize a scrawny boxer named Bootney Farnsworth into thinking that he is the greatest fighter of all time. Though Bootney lacks the physical skills to be a top fighter, the hypnotism convinces him that he is a champion boxer. Clyde and Billy place a lot of money on Bootney for an upcoming fight.