At the Krusty Krab, it is a very slow day with no customers. Mr. Krabs hears SpongeBob shout "Eight gold doubloons! I'm rich!" Upon hearing this, he jumps over to SpongeBob to take the coins for himself. SpongeBob explains to him that he and Patrick are merely playing a board game called "The Flying Dutchman's Treasure Hunt," which is based on a real treasure map. Mr. Krabs sits down to play with them, and wins the game. He instantly becomes addicted, and continues to play with them, winning 17 times in a row. They play until late at night, when SpongeBob gets tired and wants to go to bed. Despite Mr. Krabs attempts to persuade him to stay and play more, SpongeBob goes home to get some sleep, much to Mr. Krabs' disappointment.
The following morning, SpongeBob wakes up to see Mr. Krabs in a pirate ship outside his house. Mr. Krabs tells him that they are going to be real pirates and go on a real treasure hunt, and SpongeBob and Patrick eagerly join him. However, the two struggle to learn how to act like "real" pirates, and end up causing the boat to crash. The trio are forced to continue on foot, following instructions from the map, read by Mr. Krabs, who also tells them that they are not allowed to look at the map. Eventually, the map tells them to go 10,000 paces east, and Mr. Krabs asks Patrick which way is east. He looks at a compass, and points west. After walking 10,000 paces west, they realize that they have taken the wrong direction, and begin walking back.
After going around 20,000 paces east, they are exhausted, and set up a camp to stay for the night. While trying to fall asleep, SpongeBob and Patrick get excited and decide to look at the map. When they open it, they realize that it is actually their board game taped to a piece of paper. Mr. Krabs catches them, and they beg for mercy outside. However, his anger is forgotten when they realize that they are directly on top of the "X" that marks the spot, and start digging. (SpongeBob and Patrick use their hands to dig instead of shovels) They find the treasure, and SpongeBob and Patrick ask each other what they will do with their shares. Upon hearing this, Mr. Krabs says that, he being the captain, all of the treasure belongs to him. They begin fighting over the chest, and their arguing wakes up The Flying Dutchman, who appears and congratulates SpongeBob and Patrick for saving him "a lot of digging". He takes the treasure, but gives them two gold coins. Mr. Krabs asks for a reward, but only receives a tiny plastic treasure chest, which the Dutchman explains is "based on a real treasure chest!" as he disappears, laughing maniacally.
The scene where Fred says, "Rev up those fryers! Cause I am sure hungry for one... Help! HELP!!! MY LEG!!!" has become a popular Internet meme, mostly for the parts when he says, "Rev up those fryers!" and, "MY LEG!!!"
MY LEG: Mr. Krabs throws Fred out of the Krusty Krab.
The Flying Dutchman is revealed to be greedy in this episode since he only gives SpongeBob and Patrick one doubloon each. In "Born Again Krabs," he scolds Mr. Krabs by telling him that "being greedy is a terrible thing."
The Dutchman does, however, gives Mr. Krabs a plastic treasure chest possibly as a comeuppance for his own greed, and since it was "his" treasure it only made sense to give away such a small reward, as it was common for pirate captains to reward non crew members meagerly for helping them, most of all its better than what Mr. Krabs had in mind as he had no intention of sharing the treasure at all.
This is the first episode to be aired on a Wednesday.
The game cards of the game board are a spoof of the Monopoly game cards.
When Mr. Krabs looks through his telescope at the beginning of the episode, The Chum Bucket is missing.
After SpongeBob says Mr. Krabs is all sweaty again, the X seems as if Mr. Krabs never dug yet.
When SpongeBob wakes up to find Mr. Krabs yelling, a bell sound is heard, yet there is no bell on the ship.
Patrick rolled a five when he sent Mr. Krabs to the brig, but a closeup of the card reveals the dice showing only two.
When SpongeBob and Patrick first spot Mr. Krabs's map in the tent, there is a compass next to the map. When they go over to touch the map, the compass is gone. It does not reappear.
When SpongeBob and Patrick are looking over the map, it appears flat as their eyes smoothly go over it. But when they take a closer look, it is their game board with lots of props like a tree and sand where the treasure is.
The map could not have rolled up as the game board was presumably cardboard and had the game pieces on it.
When SpongeBob wakes up the next morning, he is wearing just his underwear, but after he talks to Mr. Krabs, he has pants on.
When the crew goes 10,000 paces west (or, as Patrick Star says, "weeest") and they don't find the X, they go back 10,000 paces EAST to the X. However, if they made only 10K paces east, they would have ended up back at the seaweed with two leaves. So, they had to make twenty thousand paces east to compensate for the ten thousand paces east, so that's thirty thousand paces in total.
When Patrick says Mr. Krabs is going to the brig, he points at SpongeBob.