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Professor Gizmo, a master criminal, devises a plan to use Spider-Man to attach an antenna to the world's largest sunken treasure ship, the El Conquistador, since only he can withstand the pressure at that depth. Peter, meanwhile, has been invited to a charity cruise on board Jameson's yacht. Gizmo attacks the yacht using a one-hundred year-old ship, the Monitor, and demands that all the diamond donations be surrendered to him. Failing to draw out Spider-Man with the theft at sea due to Peter mislaying his spider-mask on the subway, Gizmo then attempts to steal the Spirit of St. Louis from the Smithsonian Museum. By catching a lift at the airport, this time, Spidey is able to show up to save the plane, but Gizmo steals it and Spidey is blamed for its theft. For his next move, Gizmo uses a remote control device to control various machines in the city, holds up all the subway trains, and steals a bank's vault contents using a vacuum cleaner. Gizmo then announces that he will return the stolen diamonds, money and plane in exchange for Spider-Man. The next day, during the Thanksgiving parade, Gizmo captures Spidey, and tells him of his plan to raise the treasure ship. At sea, above the shipwreck, Gizmo shows Spider-Man a T.V. report from Jameson showing that he has returned the stolen items in return for Spidey's help with a "legal" salvage operation. After Spider-Man is forced to raise the ship, he has to recover the stolen items, and stop Gizmo..
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A giant Spider-Man balloon is used in the Thanksgiving parade. In reality, there would actually be such a balloon made for the 1987 Macy's parade.