The video begins with SMG4 watching DatVoiceGuy's Ice Bucket challenge video in Princess Peach's Castle. At the end of the video, DatVoiceGuy (disguised as Mario) challenges SMG4 to soak himself next; this elicits an "oh hell no!" from Glitchy. The computer suddenly switches to a clip were saying SMG4 is GAY – for the purposes of this video, the insult is aimed directly at SMG4 – and the Italian responds by punching his computer out the window.
In an effort to keep his dignity and sense of sympathy intact, SMG4 decides to do the challenge. Determinedly, SMG4 walks out of the castle, with Mario, Pinkolol16 and some other CC giving him surprised looks. SMG4 approaches a bucket filled with ice-water, as music plays in the background, fireworks go off, and Old Men Princesses begin dancing on the sides of the video. SMG4 says "let's do this", dumps the bucket above his head, and says "Well, that's it! Thanks for watching!".
As the end-of-video music begins playing, a black screen is shown, with big white text reading "DONATE TO ALS TODAY". Smaller text (with Mario's speech's signature red glow) then appears at the bottom, reading "Anda-mario's :D foundation". However, the video is only halfway over. SMG4 reappears on-screen, quietly asking if the viewers are gone yet. Something then shorts out, and SMG4 is shown at his house in real life. Glitchy is wearing a Mario mask in the beginning of this scene; he takes it off quickly. Almost immediately after he does so, a random bucketful of water is tossed at him. SMG4, now soaked, screams and begins jumping around from the cold of the water. He is about to thank the viewers for watching when another bucketful of ice-water is flung at him. The audience is then presented of an ostensibly sexy replay of SMG4's reaction to the second batch of water. SMG4 shakes himself somewhat drier, stops jumping around, and is, again, about to thank the viewers when the bucket itself is thrown at him; he narrowly dodges this last projectile.
There is another replay of SMG4 getting soaked; the footage is forward-reversed this time. Finally, the video ends with SMG4 replacing the Waluigi plush to its previous location in his driveway.