The episode begins with Mr. Krabs waking up to the K.O.L.D (K-OLD) radio station. A song about being old is playing, and Mr. Krabs struggles to get out of his hammock bed. As he is washing his face, he notices he has multiple chins. He goes into his kitchen to find Pearl has made him breakfast, which is bran moulded into various shapes, such as an orange and a fork. Mr. Krabs must take a huge pill, which he has difficulty swallowing, and after all this, Mr. Krabs worries he is getting old. He asks Pearl if she thinks he is old, and she says she does, but that 'daddies are supposed to be old'. Mr. Krabs then asks her if he is cool, and she informs him that no one says 'cool' anymore, and that they say 'coral' instead. When Mr. Krabs says coral, Pearl finds that it sound 'so uncoral,' and after he says coral 2 more times and leaves the house, she calls her friend Jenny and says that 'coral is definitely out.'
Mr. Krabs is walking along the street, and denies that he is old, but then discovers a boy-scout fish is helping him across the street. When Mr. Krabs tries to walk off, his arm comes off into the boy-scout's hands, and Mr. Krabs apologises. As Mr. Krabs continues to walk to the Krusty Krab, a fish walking behind him complains that he is walking slowly. Mr. Krabs tries to walk faster but can't, so the fish overtakes him, and informs him that he's had his blinker on for the past 5 blocks, and as it turns out, he has blinkers on his buttucks. As Mr. Krabs continues walking, a ball that a group of kids were playing with rolls by him. He asks to join their game, but the children are embarrassed, and walk off saying 'why do old people always have to ruin the fun?' Mr. Krabs walks past a line of elderly fish, and one of them thinks Mr. Krabs was trying to cut the line. When he looks up, it appears as though the line is for the Bikini Bottom Cemetery, although Mr. Krabs just didn't notice there was a small ice-cream stand just in front of the cemetery.
At the Krusty Krab, Mr. Krabs is feeling upset, when he overhears a child complaining that his Krabby Patty tastes funny. His mother tells him that it's 'all old and dried out, like that man right there' as she points at Mr. Krabs. This makes Mr. Krabs even more upset, and as the child is going to throw the Patty away, Mr. Krabs extends his arm out and grabs it from the tray. He talks to the Patty, saying that they are two of a kind, and he takes a bite out of the Patty, then pauses and says 'so that's what I taste like?'
Patrick enters the Krusty Krab, and SpongeBob yells at him from the kitchen, asking if he is ready for the big night out, and Patrick yells back saying he is, they continue to yell about it, while Mr. Krabs listens to them, until eventually Squidward yells at them to stop them from yelling. They continue the conversation in the kitchen, and Mr. Krabs eavesdrops on them from the door to his office. Patrick says 'we're young, we've got wheels, the world is our oyster!' meanwhile, Mr. Krabs' eyes move closer and closer, until they are on either side of SpongeBob's face, and Patrick notices him. Mr. Krabs asks them if he could come with them on their night out, but Patrick thinks he might cramp their 'style' and he tests Mr. Krabs to see if he knows the 'secret cool guy hand shake.' Mr. Krabs simply shakes his hand and says how do you do, and Patrick says he's in. Mr. Krabs tells them to show up at his house at 8:00, and SpongeBob warns him that they are always fashionably late.
There is a timecard saying '8:01 PM' and Mr. Krabs' doorbell rings. He answers it and it is SpongeBob and Patrick. SpongeBob asks Mr. Krabs if he is ready to party, and he says he is and then asks Patrick if he is ready to party. Patrick says he is ready to party, and then asks SpongeBob if he is ready to party. SpongeBob says he is ready to party, and then asks Mr. Krabs if he is ready to party. Mr. Krabs say he is ready to parTAY, and then asks SpongeBob if he is ready to parTAY. SpongeBob says he is ready to parTAY, and asks Patrick if he is ready to parTAY. Patrick says he's ready to party (not parTAY, perhaps because he is dumb), and then he asks Mr. Krabs if he is ready to party, and he says he is ready to party. He is about to ask either SpongeBob or Patrick if they are ready to party, but Pearl runs past telling them to stop and that he is embarrassing her.
Mr. Krabs asks them what kind of hot rod they will be cruising in, and SpongeBob says they will be riding a powerful chick magnet called 'the underwater heartbreaker.' This turns out to be a two-seated undersea bicycle, and Mr. Krabs calls it a chick repellent. He notices there are only two seats, but SpongeBob says he has modified it himself. He actually just attached a small red cart to the end of it for Mr. Krabs to sit in. As they are riding, two young adult fish drive by in a sports boat, and one of them comments on their bike by saying they must be lost, and that 'Doofus Drive is around the corner.' SpongeBob does not recognise this as trash talk, and says that he has his compass. The fish then replies 'so long dorks!' and SpongeBob, still oblivious replies 'goodbye pals!' Mr. Krabs comments that they used to beat people up for saying things like that.
They arrive at 'The Wash', and Mr. Krabs thinks it is a club with a strange name. He tells SpongeBob and Patrick he is nervous, as he hasn't been 'on the scene' for a while, and SpongeBob tells him to follow their lead and keep it cool. They then make gibberish noises and cheers and dance into 'The Wash', and Mr. Krabs copies them. SpongeBob runs in saying 'hello gang, SpongeBob's back' and Patrick says 'let's party!' Mr. Krabs runs in saying 'any port in the sto-' and then realises it is a laundromat. They watch clothes in a washing machine, and SpongeBob and Patrick are excited, but Mr. Krabs is confused. SpongeBob asks if they want another rinse cycle, but Mr. Krabs says he wants to see more of the night life. SpongeBob says it is only stop number one on their night of 'debauchery.'
The scene changes and they are picking up trash under the highway. Mr. Krabs is still confused, but SpongeBob and Patrick are enjoying it. SpongeBob asks Mr. Krabs if he is feeling it, but he isn't. Next, they are in a small inflatable pool, and SpongeBob asks him if he is feeling it now, but all he can feel is a warm spot, which is Patrick peeing. Next they are riding kiddie horses outside the Barg'N-Mart, and SpongeBob asks MR. Krabs again, and Patrick says he is feeling it, but he is riding a shopper. They then visit a dentist, fix a roof, play 'P and P' a reference to 'D and D' (Dungeons and Dragons), and go to a library. Each time SpongeBob asks 'are you feeling it now Mr. Krabs?'
Finally, they are at a childrens club called 'Bunny Buns', and SpongeBob once again asks if Mr. Krabs is feeling it. The children ask him this over and over, and then Mr. Krabs gets angry, and says he is feeling 'like a total barnacle head' and yells at them, saying they don't know what a good time is. He then storms out, and calls SpongeBob and Patrick lame, nerds, geeks, creeps and babies. He says that even he knows they haven't suggested one cool thing all night. Patrick then says Mr. Krabs is going to miss the panty raid, and suddenly Mr. Krabs is interested. He says to count him in, and they go off.
They arrive at a house, and SpongeBob and Patrick say they score here all the time. Mr. Krabs opens a dresser and pulls out a pair of bloomers, saying they've hit the jackpot. They make a bit too much noise, and wake the home owner, who turns out to be Mr. Krabs' mother! Mr. Krabs gets angry at SpongeBob and Patrick for not telling him this was his mother's house, and they run off. Mr. Krabs is gounded for the rest of the night, and is escorted to his room by the boy scout fish from earlier. SpongeBob apologises to Mr. Krabs through the window, and Mr. Krabs says he certainly feels younger, as the camera pans to show Mr. Krabs' room as a child. The episode ends.
The song on the radio is by Martin Olson, who does the voice of Marceline's father in Adventure Time and whose daughter did the voice of Marceline in the same show and Vanessa Doofenshmirtz in Phineas and Ferb.
In some countries, the radio broadcasted the instrumental version of "You're Old," due to the controversial lyrics.
A picture of Victor Krabs is seen when Mr. Krabs tries to explain why he was going through Mama Krabs' underwear.
In the Hebrew version, after Mr. Krabs is being yelled at by the elderly fish, the fish that asks "What's his problem?" says it in Yiddish, a common language between old folks in Israel, rather than in Hebrew.
The radio station mentioned is K-OLD, which sounds like a cold.
This is the first time a reference to Dungeons and Dragons is used. The second time is the title of the episode "Dunces and Dragons."
This episode and "The Great Snail Race" have been rumored to be banned in Canada. This is very likely true because recently in reruns of SpongeBob episodes in Canada, this episode tends to be skipped, even when they are airing reruns in production order. However, this episode used to air in Canada but doesn't anymore. The reason why for being banned in Canada is unknown, but could possibly be because this and the sister episode are controversial among fans. The controversy with this episode is the adult jokes, making fun of old people, and the panty raid scene.
The line "Are you feeling it now Mr. Krabs?" has become an internet meme.
This episode's title is a parody of the phrase "mid-life crisis."
One of the locations SpongeBob and Patrick bring Mr. Krabs in this episode is called "Bunny Bun's," which could be a possible parody of "Chuck E. Cheese's."
"P and P" (seen on book), the game that SpongeBob, Mr. Krabs, and Patrick were playing is a parody to Dungeons and Dragons.
When Betsy grounded Eugene to sleep; Eugene has his room when he was a little kid but this was never shown in "Friend or Foe."
When Mrs. Krabs' bloomers are first seen during the panty raid, they are shaped like normal panties. But when Mr. Krabs pulls one out, it is instantly rather shaped like boxers.
After Mr. Krabs uses the word "coral," Pearl says to her friend Jenny on the phone "Coral is definitely out." However, she continues to use it in later episodes.
A possible reason to this, is this was Pearl's last big role in an episode before The SpongeBob SquarePants Movie premiered. Since the first movie was intended to be the series finale, Pearl, nor any other Bikini Bottomite, would be in any new episodes after it. Therefore, if the series hadn't continued onward for Season 4, 'coral' would have been out for good.
During the scene transition from the ice cream stand to the Krusty Krab, bubble sounds can be heard, but no bubbles actually appear. This error also occurs in "Boating School" and "Welcome to the Chum Bucket."
In the Polish version, the title card was mistakenly cut. However, it got fixed sometime in early 2017.