[Episode starts at Goo Lagoon. SpongeBob is eating ice cream, while Patrick is tanning]
SpongeBob: This is how to live, isn't it my friend?
Patrick: You said it buddy.
[Larry comes in riding a motorcycle. SpongeBob and Patrick scream, and sand gets in their face. Larry does flips, then rides through a picnic blanket, then pulls one of his brakes causing him to go in circles, getting more sand on SpongeBob and Patrick. He then rides on top of the pile of sand, then through the life guard station causing it to set on fire, and everyone cheers]
Evelyn: He's amazing!
Frank: I'll say! [Larry then throws a basketball into the hoop, then is about to fall, but he presses a button to cause a sky glider to come out, and he causes the flag on some children's sand castles to catch on fire]
Kids: Woah! [the sky glider then comes off, and Larry stops. Everyone cheers, then Larry takes off his helmet]
Evelyn: Who is that guy?
Nazz: That's Larry the Lobster. He's like living large!
Nat: What's your secret Larry?
Larry: Well, you've gotta take risks. [Larry hops back on his motor cycle] Live on the edge. [Larry rides his motorcycle, then jumps off at the lagoon. He then gets on someone's surfboard upside down]
All: Ooh! [Larry then comes back to shore]
Larry: And you can't... Uh... You can't... [Hears SpongeBob and Patrick whimpering, then picks them up] And you can't live like these two. Just look at 'em. Spineless, [Larry shakes them] weak, [touches them, and they fall] afraid of their own shadows. [They see their shadows, scream, and whimper] Pathetic!
Nat: Larry, how can they redeem their worthless lives?
Larry: I'll tell you how: by living each day as if it were their last!
Patrick: How do we do that?
Larry: By living like me, Larry.
Patrick: But what's that have... [Larry covers his mouth]
Larry: By living, like Larry.
Both: Living, like Larry.
Larry: Living like Larry! [walks away]
Patrick: Living like Larry. Living like Larry. [cuts to later when SpongeBob and Patrick are blowing bubbles. Patrick is sighing, which is like blowing the bubbles] This is bogus!
SpongeBob: What's that Pat?
Patrick: SpongeBob, these are the best years of our lives, and you want to waste them blowing bubbles? We should be living in the moment! We should be living like Lar... [hears sea horses neighing] This is it SpongeBob! This is where we redeem our miserable lives! It's time to start... [jumps in the air, then stops] ...LIVIN' LIKE LARRY![he then goes back down, and onto the back of a sea horse, and he then rides around] Hey, SpongeBob! SpongeBob? [SpongeBob is on a kiddie ride outside a grocery store]
SpongeBob: I'm living like Larry! Whoo-hoo! [cuts to later at SpongeBob's house. Patrick kicks the door down, and he is all bandaged up]
Patrick: Where were you SpongeBob? That was awesome! [picks up SpongeBob, and runs outside]
SpongeBob: Hey Patrick, where you going?
Patrick: To live my friend! We are going to live! [cuts to "A-1 Wreckers"] This is going to be the best fun yet! [a boat gets smashed from the sides, then from the front and back, then from the top, then a giant spatula puts in a pile of boats, then three flame throwers burn it, then a giant fist comes down and punches it]
SpongeBob: I don't know about this Patrick.
Patrick: You must defeat your reason, before you can start... [jumps up in the air again, then stops] ...living like Larry! [he then goes into a boat] Wo-hoo! SpongeBob, this is it! [he gets smashed from the sides, cringing Spongebob until his stunt end, then cuts back to SpongeBob as the rest happens. Cuts to SpongeBob's house where he is putting the letters of the alphabet on his pairs of socks]
Music: Livin' Like Larry
SpongeBob: De dee do dee do livin' like Larry. Dee dee dee doo livin' like Larry. Deedeedeedee livin' like Larry. [Patrick barges through the door in the boat. He then falls, then breaks out of it]
Patrick: Come on SpongeBob! What are you waiting for? Let's go! [SpongeBob and Patrick run outside. Cuts to later when they are still running]
SpongeBob: Uh, Patrick, where are we going?
Patrick: Just you wait! it's the ultimate! [they run onto a giant ramp that leads into a trench] What do you think? And wait 'till you see the best part! [stomps on the ramp] Hey you guys. [lots of monsters are in the trench. growling and snapping..]
SpongeBob: I don't know Patrick, this looks very danger... [Patrick attaches a skate board on SpongeBob's back, then does so with him]
Patrick: Here's to living like Larry!
SpongeBob: Well, wait a minute Patrick, I think your missing the point. "Living like Larry" doesn't mean throwing caution to the wind, and risking everything on a stunt that will cost you your life.
Patrick: Don't you mean, cost us our lives SpongeBob?
SpongeBob: No Patrick, I mean your life. I'm not going.
Patrick: I see. And that's your final word on the subject?
Patrick: I feel sorry for you. [goes down the ramp to the trench with all the monsters in it. Scene then cuts to the Krusty Krab where SpongeBob is working. captions version: I feel sorry for you. [screaming. animals growling and roaring..]
SpongeBob: I wonder how Patrick's doing with his "living like Larry" thing.
Patrick: SpongeBob! [SpongeBob looks out the window] SpongeBob! [Patrick is being chased by tough fish on motorcycles. He then runs into the Krusty Krab] You were right SpongeBob! I went too far! I went too far!
SpongeBob: Oh it's okay buddy, I think you learned your lesson. Hmm?
Tough Guy 1: Don't make us come in there kid! [captions version Gang Member: Don't make us come in there, kid]
SpongeBob: Now you just let me handle those guys out there. [SpongeBob walks outside] Gentlemen, Gentlemen.
All: What the?
SpongeBob: I know that you might be angry at my friend for his shenanigans, but you are not the only victim. His reckless thrill chasing has made him a hollow shell of his former self. Just look [scene reveals Patrick is a shell] So let me assure you, his days of "living in the moment" are over. Can you not forgive him for what ever he did? [they thin]
Tough Guy 2: Sure pal. Sure. [Shakes Patrick's hand]
SpongeBob: By the way, what did he do that made you all so cranky? [SpongeBob leans on there motorcycles, and they fall]
Tough Guy 2: He knocked over our motorcycles! [SpongeBob laughs nervously, then they chase SpongeBob and Patrick]
SpongeBob: So scared! Adrenalin pumping! [getting excited] Spine tingling! Endorphins rushing! I've never felt so alive! Oh, yeah baby, yeah! This is what Patrick was talking about! This is really living in the moment! Woo-yeah! This is life! Woo, woo, yeah, woo! [gets knocked in the air by a motor cycle] Now I am finally living like Larry! [cuts to SpongeBob and Patrick on top of ballast]
Patrick: Are you sure about this SpongeBob?
SpongeBob: Oh come on Patrick, what happened to being in the moment?
Patrick: I don't know SpongeBob, this looks pretty dangerous.
SpongeBob:[Immediately slaps Patrick in the back] Yeah, yeah, you said it buddy! Now we're really living like Larry! [Larry notices them on the ballast]
Larry: Well, would you look at that. Now there's two guys who know how to live!
SpongeBob: Prepare for countdown!
Larry: I'm proud of them. [takes a closer look] Wait a minute, with that angle of trajectory, they'll land right in...Rippers Reef! They'll be ripped to shreds! [runs over with a life preserver with rope tied to it] Wait, don't do it! Stop!
SpongeBob: 3-2-1 Lift off. [pulls a rope, which causes the arrow to set off]
Larry: Drat! [uses the life preserver to catch on to the arrow]