Wet Gold is the story of a young woman (Laura), who works as a waitress in a cafe. Laura stumbles across a drunk elderly man (Sampson), who fills her with exciting stories of a boat that went down with millions in gold. Although Laura's boyfriend (Barnes), keeps telling her that Sampson's stories are all false, Sampson makes her believe that they are indeed true. Laura takes Sampson to a library, where she finds an old newspaper article which matches up with the events described to her by him. After becoming a true believer, Laura convinces Barnes, Sampson and a dive shop owner, Keating, to search for the treasure. Together they set off from Key West in the Baker's boat, which Barnes is supposed to be looking after. Keating shows a liking for Laura, and because of this, Barnes begins to feel uncomfortable towards him. After spending some time in the water, their dreams become reality, but the discovery of gold begins to show a change in their personalities.