A musical fantasy, successfully recreating the classic Hollywood musical of the 40's in a lavish 1980's setting. The story concerns two ordinary people, Franny (Teri Garr)and Hank (Frederic Forrest). Their fifth (unmarried) anniversary coincides with a fourth of July weekend but develops into an argument and Franny declares they are breaking up once and for all. Franny yearns for excitement and romance. With the help of her friend Maggie, she meets a waiter named Ray (Raul Julia) who captivates her with his piano playing and singing. Meanwhile Hank, after chatting to his pal and partner Moe Pavitch, goes downtown and bumps into Leila (Nastassia Kinski), a seductive runaway from a European circus family...

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