Professor Kirkwood reads his poems. Effie Klinker talks about her New Years Eve. Charlie the photographer, tries to blackmail Bergen. Lew Ayres talks about the films he made about religion. Charlie stars in "Dr. McCarthy's Television Hospital."
A Day in the Life of Lou Costello. Costello plans to go to the Rose Bowl game, so Abbott tries to find out what he knows about football. Costello's New Years resolutions. Costello has his fortune told.
Gildersleeve's neighbors, the Bullards, are out of town on Christmas Eve, leaving their sick son Craig at home, so Gildy pays him a visit as Santa Claus. The Bullard's arrive back home just in time to sing Carols with Gildy and all his friends.
Bergen has written a New Years play, but has trouble convincing Charlie to play the Baby New Year. Charlie has built a time machine that lets you look back in time. Guest Charles Laughton, along with Bergen and Charlie, watch Charlie's machine and see famous people in history.
The show starts with a flashback to the previous week when the gang boarded a train after the show and celebrated Christmas on the way back to Hollywood. The gang performs their New Years play: "Father Time Rides Again."
Phil arranges for a couple of refugee children to spend Christmas with his family. Phil promised his kids they'd see Santa, so he tried to get Don Wilson who's to busy, so Don gets Andy Devine to replace him.
While Bob and Ray discuss the last evening's Christmas party, they discover one of the drunken party guests never left. An episode of "Jack Headstrong: All American American." A visit to Aunt Penney's Real Life Kitchen.
Red talks about how people shouldn't travel for the Holiday, so that soldiers can. Dead Eye has a job for the Holidays. Clem Kadiddlehopper goes to buy his girl a present. Junior, The Mean Widdle Kid goes to see Santa.