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From the liner notes

After being stalked by a Killer Chef in Bikini Bloodbath, and then again by the same back–from–the–dead Killer Chef in Bikini Bloodbath Carwash, Jenny (Rachael Robbins) and Sharon (Niki Rubin)are back. This time Ms. Johnson (Debbie Rochon) is in a coma, and the girls, along with their new friends, find themselves at the Bong Shoppe working for Ms. Johnson's British cross–dressing sister Mrs. Johnson (Dick Boland).

Team Bong Shoppe is embattled in fierce competition for holiday business with a Christian Deli across the way. Things get a little crazy, and in the heat of the moment Jenny accidentally resurrects the Killer Chef (Matt Ford)—again. Still, in the true spirit of Christmas, the girls put their rivalry and self–preservation instincts aside by inviting everyone to a big holiday bash with eggnog! Mysteriously people at the party start disappearing... to death! Who could be killing them? It could be anybody at the party! Who will live? Who will die? Whose bikini top will come off first? And, most importantly, who will win the epic eggnog wrestling match?