The film follows Kevin Carson (Bow Wow), a young man living in the projects with his grandmother (Loretta Devine). Kevin dreams of one day designing his own sneaker line, but currently works at Foot Locker. His dreams are supported by two of his best friends: Benny (Brandon T. Jackson) and Stacy (Naturi Naughton). He comes across Lorenzo (Gbenga Akinnagbe), the neighborhood bully. Meanwhile, everyone in his neighborhood is trying to win the Mondo Million Dollar Lottery of $370 million. Lorenzo demands that Kevin gives him and his 3 friends three sets of sneakers each. When Lorenzo shows up to Kevin's job, and grabs the shoes, the alarms go off and the cops come. Kevin tells the cops that he didn't intend to give the shoes to Lorenzo, so he is arrested. Kevin then loses his job, and on his way home, takes his, and his grandmother's lucky numbers to the gas station and buys the Mondo Millionaire Lottery ticket.
On his way home he meets up with Benny, who tells him that the whole neighborhood heard that Kevin "snitched" on Lorenzo, and is even called one by their friends. Defeated, Kevin goes home and quickly falls asleep. Later, the numbers of the lottery are announced. Grandma's ticket doesn't win, but Kevin finds out that his ticket has won him $370 million. However, and he and Benny head to the claims office, they are told that they must wait three days for the office to reopen, due to the Fourth of July weekend. News of Kevin's ticket is leaked, and the entire neighborhood swarms him and his home, begging for a cut of the money. Nikki Swayze (Teairra Marí) who previously rejected Kevin, suddenly develops an "interest" in him. This angers Stacy, who tells Kevin that Nikki is only after his money, but Kevin doesn't believe her. Later on Kevin and Benny meet up with a loan shark named Sweet T, who gives Kevin $100,000 to go out and have fun. After her date with Kevin, Nikki tries to make Kevin get her pregnant. She tells him the only reason she went out with him was for his money.
Kevin and Benny have an argument about the ticket which leads to them not speaking to each other. He goes to Stacey's house and she tells Kevin that she thinks he was wrong about the entire situation. He also tells her that she is the girl for him, this leads to her getting mad and telling him to get out. He kisses her and they start to make love and almost begin to have sex, but it's interrupted when her mom arrives. As he leaves her house, Lorenzo knocks him out and takes his $5,000 sneakers and his ticket. He wakes up in Mr. Washington's (Ice Cube) apartment and talks with him. Kevin reconciles with Benny also. In the end, the neighborhood has a block party and Kevin faces off against Lorenzo. On the verge of defeat, Kevin is saved by Mr. Washington, who comes and knocks him out. Months later, Kevin, Benny and Stacey board Kevin's new helicopter and fly off to work....at Kevin's sneaker company.
