The director and actor Fred Graham and the composer Cole Porter invite the talented but spoiled actress Lilli Vanessi to perform Katherine in his musical version of The Taming of the Shrew, where Fred has the lead role of Petruchio. Fred and Lilli are divorced and he has also invited his lover, the promiscuous Lois Lane, to perform as Bianca. While they are preparing for the opening night, Lois' boyfriend, Bill Calhoun, who performs Lucentio in the play, tells to Lois that he lost a large amount gambling and he signed a bill (promissory note) using the name of Fred. Out of the blue, two gangsters come to the backstage to collect the debt from Fred. Meanwhile, Fred and Lilli have the same behavior in real life of Katherine and Petruchio on the stage. In the intermission, Lilli tells that she will leave the play; however, Fred lures the gangsters to keep Lilli acting.