Lizzie, Miranda and Gordo are obsessed with a Spanish game show, "El Oro de Montezuma." Miranda's cousin, Carlos, is scheduled to compete on the show and Lizzie and her friends decide to be on his team.
Lizzie must watch Matt and Lanny and she tries to be responsible and stops the boys from playing with her dad's prize possession, a football autographed by the legendary Walter Payton. But Matt and Lanny managed to deflate the football anyway. Lizzie and Matt know they're in BIG trouble if they can't get the ball fixed.
Miranda accidentally bumps into a lipstick display, upsetting the contents, she hurriedly puts things right, then tells Lizzie and Gordo she wants to leave, but the security guard stops her and wants to check her purse. Inside he finds a brand of lipstick from the display. Miranda protests that she bought it at the store last week and asks Lizzie to back her up, but Lizzie doesn't help her out.
Lizzie starts feeling inferior when she realizes a lot of the other kids around her have special talents and skills that they've developed, including Gordo with his film making and Miranda with her violin.
While Lizzie and Kate are stuck working together for the Spring Fling committee, Lizzie sees Kate knock over the bust of the school's founding principal. When Principal Tweedy discovers this, he cancels the Spring Fling unless the person responsible comes forward.
Kate's having a big birthday party and she invites everyone from her class, including Lizzie, Miranda and Gordo. But Lizzie and Miranda's parents refuse to let them go to the party as there would be no adults around. So, Lizzie, Miranda and Gordo lie to their parents and go to the party anyway.
A major food fight is raging in the cafeteria. Principal Tweedy walks in and sees Lizzie, Kate Sanders and Larry Tudgeman right in the middle of things and calls them to his office. For punishment, the three will have to clean up the huge mess and do some community service.
Lizzie fervently hopes to win the grand prize in the Christmas parade with her idea for a "Rock & Roll Christmas" float. The rest of the McGuire family are there, and they are charmed by an eccentric old man in an elf suit who calls himself Nobby Frostybump and seems to really believe he's one of Santa's elves!