Still out of a job, Peter decides to buy a fishing boat and become a deep sea fisherman. The fish aren't biting, however, and the loan company is threatening to foreclose on Peter's house if he can't repay the money he borrowed to buy his boat. He hears about a $50,000 reward for catching the famous man-eating fish, Daggermouth, so together with Joe, Cleveland and Quagmire, he goes in search of the killer. Meanwhile, Lois shows Meg how to party like a pro at Spring Break.