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Moving from the small screen to the big time, this comedy, inspired by the ABC sit-com, finds Borgnine and company trying to make some fast wartime cash by setting up a delayed-result racing parlor aboard their PT boat. The scheme fails, and they find themselves in debt to a bunch of marines. Through a series of mishaps, the crew members find themselves going in and out of debt like a yo-yo on a string. They acquire a racehorse that, among other things, causes a Japanese submarine to run aground. Lots of shtick and hokum abounds in what was little more than an expansion of the popular television show.