Water skier and swimming star Julie Hallerton falls in love with Ray Lloyd. Ray is Julie's boss and the creator and operator of the show she stars in. Julie manages to stay mostly wet, while he stays mostly disinterested in anything other than the cash receipts.

The story of 'the incomparable Annette Kellerman,' an Australian swimming champion and water ballet artist who ends up performing in New York's Hippodrome. When Annette is young, she is hampered by cumbersome leg braces. She starts swimming to strengthen her legs and before long, a star is born. She swims and dives her way through the show-biz ranks, struggling to support her musician father and fighting a woman's battle between love and career.