Fish out of Water
When Peter decides to become a fisherman, he takes out a large loan to buy a fishing boat and unwittingly gives up everything he owns as collateral.
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Jobless, unmotivated, and depressed, Peter becomes morbidly obese. Inspired by a “walk” on the docks assisted by Brian and a forklift, he resolves to lose the weight and become a fisherman. Joe takes Peter to a police seized-property auction, where Peter buys a boat for $50,000; he names the boat “S.S. More Powerful Than Superman, Batman, Spider-Man, and the Incredible Hulk Put Together”.
Fish Out of Water
To pay for the vessel, Peter takes out a dubious loan from Jim's Bank, with his house and possessions as collateral. The bank is so certain that Peter will default on the loan that they sell the house to another family and repossess his furniture before the payment deadline arrives. Peter must raise $50,000 before the imminent deadline or his house and furniture will be permanently taken away from him.
Peter’s new fishing career does not prove very successful, and rival fishermen berate and taunt him. Rejecting Quagmire’s idea of prostituting himself to fat women for quick cash, Peter decides to catch the legendary killer fish Daggermouth for a $50,000 reward. Quagmire, Cleveland and Joe accompany him on his quest.
Handcuffescape
Meanwhile, Lois takes Meg go on spring break to a spa, but Meg would rather be at the beach. Lois decides to slip off with Meg to the beach but fits in better with the party crowd than Meg does. In a moment of exuberance, Meg flashes her breasts; both she and Lois are quickly arrested. They escape from the police car and are returning home when a car full of spring breakers pull alongside them, honking and yelling. They are not cheering for Lois, as it first appears, but for Meg, who obliges them by flashing again.
Peter and his friends manage to track the legendary fish to his lair, where they discover that Daggermouth is in fact a robotic fish created by Salty; a fisherman Daggermouth is supposed to have killed, to generate a demand for merchandise. In exchange for his silence, the robot’s creator gives Peter $50,000, which he promptly uses to pay off the loan, buy back his furniture, and get the other family out of his house although the episode ends with them still there.