Seven Tulane University undergraduates – Sara, Nick, Beth, Malik, Maya, Blake and Gordon – drive to Sara's family vacation home on a private lake. There, Sara encounters her old boyfriend, Dennis and his friend, Red. Nick, Blake, Malik and Maya go wake-boarding when a shark attacks Malik. He is able to swim back to shore – missing his right arm. When Nick swims into the lake to retrieve Malik's arm, he is pursued by the shark, barely making it to shore. Being a pre-med student, he stabilizes Malik, and they all take him to the hospital. Blood from Malik's wound attracts a shark that attacks the boat. Maya (Malik's girlfriend who he was about to propose to) is knocked into the water and eaten. The shark damages the steering column of the boat, causing it to crash in front of the boathouse. Sara, Nick and Malik make it to shore. Dennis and Red arrive and agree to take Beth and Gordon to the mainland. During the boat trip, Dennis reveals that he and Red put the sharks in the lake and feed college students to them. Dennis forces Gordon into the water by shooting him; he swims to a mangrove tree but is devoured by a bull shark. Red and Dennis force Beth to strip down and feed her to cookiecutter sharks. Malik arms himself with a harpoon and ventures into the water to kill the shark that killed Maya. His wound attracts a hammerhead shark; he kills it but is further wounded. Nick and Blake pull the shark to shore, and Nick finds a camera attached to its belly. Blake decides to take Malik to the mainland on a jet ski. When they are pursued by sharks, Malik sacrifices himself and later Blake is killed by a Great white shark. Sheriff Sabin visits Sara and Nick and gives them soup, which makes Nick and Sara's dog, who has also eaten the soup, pass out. Sara hears Dennis and Red speaking from Sabin's radio, describing Beth's death. Dennis and Red then appear and take Sara to their boat, while Sabin prepares to dunk Nick into the lake, where sand tiger sharks wait. Sabin reveals that he, Dennis and Red have been inspired by the Discovery Channel's Shark Week and Faces of Death videos to film people being eaten by sharks. Nick is able to break free and ignite a can of gas. Badly burned, Sabin plunges into the lake and is eaten by the tiger sharks. Dennis reveals he is bitter at Sara for running him over with a jet ski, damaging half his face a while back. Red throws her dog into the water and soon after Dennis calls up Carl, the guy from the bait shop, telling him to release another great white shark, Dennis and Red lower her into the lake in a shark cage. As Dennis is about to release her, Nick arrives and takes Red hostage. After a scuffle during which Dennis kills Red in order to catch Nick offguard, Nick shoves Dennis into the water and tries to set Sara free but Dennis appears and tries strangling him. Nick escapes as a great white shark devours Dennis. Nick kills the shark and frees Sara. Nick, Sara, and Sara's dog swim to the boat, having survived. A distance away, a great white shark breaches, signifying that sharks remain in the lake

A week in the life of Ben, a powerful Hollywood producer, as he juggles negotiations with a studio head so that his newest picture can open at Cannes in two weeks, with a high-strung director who must make edits to the film, with an actor and his agent because the star has arrived on the set of a new picture with a full beard, and with his most recent ex-wife, Kelly, whom he discovers may have a lover. He also notices that his 17-year old daughter, from another marriage, has probably been crying. What's up? Can Ben keep it all together, get the green light from the studio to go to Cannes, move his new picture past the beard crisis, and maybe return to Kelly's good graces?

Tom Welles (Nicolas Cage) is a surveillance expert on the rise. He's living the American dream with a wife, Amy (Catherine Keener), infant daughter, and a house in the suburbs of Harrisburg, Pennsylvania. After the completion of an assignment for a U.S. Senator, Welles is summoned to the house of a recently deceased captain of industry. His widow, in settling his estate, has discovered an 8MM film in her late husband's private safe. The silent short depicts the apparent murder of a young woman by a large, masked figure, what is known as a "snuff" film. Greatly disturbed by the film's contents, the widow hires Welles to find the identity of the woman and determine if she is still alive. Welles finds the girl's identity and follows her trail from the time she ran away from home to Hollywood. Once there, Welles meets adult bookstore clerk Max California (Joaquin Phoenix) to act as Virgil to Welles' Dante. As the two begin their descent into the world of underground pornography, the detective grows more and more distant from his family, as if he cannot shake the taint of the world in which he now walks. Tom and Max eventually meet pornographers Dino Velvet (Peter Stormare) and Eddie Poole (James Gandolfini). By this time the detective finds he can no longer walk out of the inferno.