Two down-on-their-luck loafers take a job babysitting, with a bedtime story of the titular tale turning into a wacky Abbott and Costello-faced musical retelling involving stolen cows, terrible giants, and the heroic boy with an opportunistic butcher in a castle above the clouds.

Bud Abbottas Mr. Dinkel / Mr. Dinkelpuss
Lou Costelloas Jack / Jack Strong
Buddy Baeras Sgt. Riley / The Giant
Dorothy Fordas Receptionist / Polly
Barbara Brownas Mrs. Strong
David Stolleryas Donald Larkin
William Farnumas The King
Shaye Coganas Eloise Larkin / Princess Eloise (Darlene)