SpongeBob is at his table eating his breakfast and notices that if he eats 100 boxes of Yum Cereal, he can get a free toy. After he sends away for the toy, SpongeBob and Patrick pitch a tent and Squidward wonders what's going on. SpongeBob and Patrick wait over Easter, Summer, Halloween, and Christmas. At last, the toy comes and SpongeBob and Patrick run inside Squidward's house.
Squidward is playing his clarinet in the tub and SpongeBob wants to show him. Squidward says no, but SpongeBob shows it to him anyway. It was just a single red string. SpongeBob dances and plays around with his string. When Patrick wants a turn, he pulls the string hard and SpongeBob breaks down in tears. They both hold a funeral for the string, where SpongeBob said, sniffling, that the string was a good little toy, which drives Squidward crazy. Overnight, Squidward sneaks out and digs up the box. SpongeBob and Patrick come outside and find Squidward as a "thief."
Squidward ties the string together, SpongeBob and Patrick are happy and Squidward tells them to go home and be quiet. The friends send away for another toy and do what they did earlier for a very long time.