Plot: Considering the bad way his relationships with his girlfriend Blair and his longtime best friend Julian ended following their high school graduation as water under the bridge, Clay, a freshman attending an eastern college, returns home to Beverly Hills for Christmas on Blair's request, he not having heard from either before this request. Returning to many of their old partying ways like no time had passed, Clay learns that Blair, who does modeling work as she contemplates what to do with her life, has become increasingly concerned about Julian, who squandered away all the money given to him by his father on what ended up being a failed music producing business, for which he, in his usual big talk, had high hopes as his own money train when Clay left in the summer. She also tells Clay that Julian has disappeared for long stretches without word before or after. As the holidays progress, Clay and Blair will find that Julian, to cope, has been doing more and more drugs - more so than when they were in high school - he deep in debt to his dealer, Rip, with no ability to pay as totally being cut off by his father, who won't even let him back in the house. With Julian's self-destructive nature in combination with he being dropped out of family life and Rip's pressure for the money, Clay tries to do whatever he can for Julian before it becomes too late in Julian going beyond the point of no return in turning to more and more desperate measures. While Julian is his immediate concern, Clay also becomes concerned for Blair, who he still loves, she who may end up the way of Julian as what she believes is solely her casual/social cocaine use is truly more than that
Alternative Plot: Clay (Andrew McCarthy) comes home to Los Angeles after his first semester of college and encounters some disturbing developments. His former lover, burgeoning model Blair (Jami Gertz), has begun to abuse cocaine. But her addiction pales in comparison to the drug dependency of her new boyfriend, Julian (Robert Downey Jr.), who's also Clay's childhood buddy. Clay tries to help them get sober, but the process is complicated by Rip (James Spader), a callous dealer Julian is indebted to.
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