Timmy feels afraid to jump from the high diving board. Then Francis comes up and he feels so scared of the bully that he jumps. When he climbs out of the pool he feels embarrassed that all his classmates saw him naked without his swimming suit. He wishes that he would stop feeling any emotions. At first, his life seems to change for the better when he isn't afraid, embarrassed, sad or angry, but he realizes that having no emotions means he can't enjoy friendship with Trixie nor be happy to appreciate that now they consider him cool.
At the Dimmsdale City Pool (a public swimming pool), Timmy stands on the diving board. It is very high above the pool so he feels afraid. He does not jump until Francis scares him. Unfortunately, his swimming trunks slide off. Now everyone can see him naked so he is extremely embarrassed. He quickly covers his parts with a slip of paper and makes a run for it.
Hiding in embarrassment under his bed, Timmy reviews what happened--he was afraid of diving, Francis scared him off the board, and he felt embarrassed because his classmates saw him naked. Coming to a conclusion, he realizes that if he didn't have any emotions, he wouldn't be feeling so terrible right now. He then wishes that he was emotionless, (i.e. no fear, joy, love, sorrow, depression, anger, embarrassment, shyness, hatred, or jealousy.) His fairies grant his wish, by sucking out every emotion (which become personifications) and they lock them inside a box marked "Timmy's emotions".
On the bus, while everyone was laughing about his unlucky incident, Timmy stands emotionless, his feelings unhurt because he had none. He didn't care when Veronica insulted him, causing her to freak out and run away. When he sat next to Trixie, she told him she was ignoring him but he showed no reaction while she screamed at him to stop ignoring her ignoring him, though A.J. happily takes the ignoring. At school, he couldn't care less when Crocker gave him his first virtual 'F'. Timmy's attitude scares Crocker, who faints and the bell rang while Timmy leaves to eat with all the other Kids who were laughing and running with Trixie trailing behind with a love-struck expression.
Meanwhile, Cosmo was babysitting Timmy's emotions, but they were really giving him a hard time.
While walking down the hallways, Timmy is confronted by Francis who tells Timmy that he's going to give him a swirly (flushing him down the toilet). However, Timmy shows apathy and boredom towards the bully's threat, causing Francis to get freaked out and make a run for it, only to get knocked into a chalkboard which spins and throws him into the toilets. The whole school cheers for Timmy for defeating the bully, and Trixie declares Timmy cool enough to be her boyfriend, only to have him not care at all. Filled with anger, Trixie decides to date Chester instead to make Timmy jealous, much to Chester's fear.
Without his emotions fogging up his common sense, Timmy realizes that being the coolest kid in school wasn't that great if you don't have emotions to enjoy it with. He decides to take his emotions back, and his godparents fly off to go get them. Before Timmy's emotions are returned to him, however, Timmy is approached by a daredevil who wants him to perform a jump through a ring of fire with a pair of large scissors obstructing the way. Timmy accepts this challenge and easily performs the stunt flawlessly without his fears in the way.
Later on, some agents notify Timmy that a villain has kidnapped Trixie and Chester and Timmy has to save them. Timmy breezes through the first few parts of the mission. While on the last phase where he has to jump from the side of a volcano into a dangerous river of piranhas to hit a switch, Cosmo appears with Timmy's box of emotions. Timmy tries to stop Cosmo from giving them back before finishing the mission, but it was too late. After being filled with emotions again, Timmy looks down and freaks out from how high up he was. Not wanting to make the same mistake he made with the diving board, he realized that he shouldn't let fear control his actions. Dramatically, he leaps off the side. Confused, Wanda wonders why Timmy didn't just wish for Trixie and Chester to be freed, and Cosmo realizes that he forgot to give Timmy back his common sense.
At the end of the day, Timmy learns that even if it can hurt sometimes, having emotions is better than not having any at all. He was in a cast from all the dangerous things in the lagoon he suffered from the mission, and as revenge for Cosmo giving his emotions back too early, he drops one of the piranhas (that was biting his ear) into their fishbowl, leaving it to attack him viciously. Cosmo then yells, "Timmy Help!" but Timmy only says "Are you nuts that piranha will kill me! Good luck though!".