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Hard-drinking adventurer Tim Burke becomes friends with Pinky Caldwell, a quiet, studious young man. Tim teaches deep sea diving to Pinky, and they both go to work on the salvage crew of a San Pedro wrecking company. While Tim is away on a drive, Pinky meets and falls in love with gold digger Myra Madden, who, unknown to him, is a waterfront prostitute. Pinky proposes to Myra, adding that he has nearly $3,000 in savings, and she immediately accepts. The couple marries and moves into a small house just outside of San Pedro. While on their honeymoon, Pinky is recalled to work as a relief driver for Tim. Myra, who has secured control of Pinky's bank account, absconds with the money and returns to her old life. Pinky asks Tim to take care of his new wife, but Tim first decides to have a night on the town. At a waterfront dive, Tim picks up Myra, who is now using the name "Miss Smith," and spends all his back pay on her. Myra leaves Tim when she meets Brewster, a millionaire, and she agrees to go on a long sea voyage with him on his yacht. When Myra returns to Pinky's home to pick up some clothing, Tim finally pays a visit to his friend's wife, and is shocked to see that she is "Miss Smith." Pinky returns from his job just in time to stop Myra's escape, and Tim leaves without telling his friend about his wife's true profession. Myra tells Pinky that Tim had molested her, he goes after his friend, and Myra makes her getaway to Brewster. Brewster's yacht pulls out to sea and is wrecked. Tim and Pinky's salvage crew is assigned the task of recovering the bodies. The two dive down to the depth of fifty fathoms, where they find Myra's body with Brewster's. Pinky then realizes the truth about his wife, and resumes his friendship with Tim.