It is New Year's Eve, and the SS Poseidon glides from New York to Athens on its final voyage. Rich Manhattanites clink glasses and blow paper horns. All is hunky dory. Unfortunately for the ageing liner - and its bowtied passengers - it is shortly to be capsized by a midnight tsunami. We watch as a succession of ensemble characters are picked off by flooding, explosions and theatrical heart attacks until a small band of survivors is finally rescued.