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Plot:
Prologue
Allison and Cheryl are two college students in a new class, "The Psychology of Fear." It is taught by a strange professor named Edward Derek. One of Derek's in-class experiments involving a revolver makes jock Russ urinate in his pants, humiliating him. This leads to the censuring of the class by the university, to which Professor Derek responds by inviting his students to his home for a private lesson. Allison reluctantly attends with Cheryl. There, he tells the students three tales centered on fear.
The Old Dark House
Couple Joan and Kevin are celebrating Kevin's birthday. After a dinner, Joan suggests they drive on an old highway along the coastline. A tire blows out, leaving the couple stranded, and Kevin notices tacks lying across the road. Joan suggests asking for a phone at a dilapidated mansion nearby, much to Kevin's reluctance. Once inside, the couple become separated, and Kevin finds a room with human skulls arranged on a table.
A Night on the Town
Four underage young women—Jennifer, Lisa, Amy, and Kelly—sneak into a downtown Los Angeles club but are kicked out. Afterwards, they get lost in a seedy industrial section of town. Realizing they are out of gas, they stop at an apparently empty station. Jennifer and Lisa enter the station garage, where they are confronted by a perverted attendant and his band of violent dogs. He holds both girls at knifepoint.
Alex, an employee at a telephone messaging service, returns to work after breaking her leg during a ski trip. During the night shift, Alex receives numerous calls from an unhinged man, Richard, who is obsessively attempting to reach Vanessa Birch, one of the company's clients. When Alex relays the message to Vanessa, Vanessa informs her she is being stalked by Richard. Richard calls again, and Alex denies having spoken with Vanessa. When Alex calls Vanessa's home again to inform her of Richard's second call, she is met by Richard on the phone—he has broken into the home and killed Vanessa.
Epilogue
Professor Derek goes to light the pilot in the basement, where he is attacked by Russ, seeking revenge. Derek is hung upside down and dangled over a ring of fire. Allison, Cheryl, and the other students rush downstairs, paralyzed by fear. Derek manages to come loose from the trap, and attacks Russ, bludgeoning him with an axe. A can of accelerant left on the floor combusts, resulting in Derek being burned alive. A supernatural force suddenly takes over, and Cheryl is dragged into the ring of fire as well.