After her castle and clothes are destroyed by a dragon, Princess Elizabeth, dressed only in a paper bag, sets out to rescue her fianc?, Prince Ronald, who was taken captive.
Elizabeth has always had her eye on Ronald, the "perfect" prince next door. So when a dragon captures Ronald and burns Elizabeth's classy wardrobe in the process - it's Elizabeth to the rescue! Elizabeth, dressed only in a paper bag, must find a way to outwit the dragon and rescue Ronald. On the way, Elizabeth learns just how self-reliant a princess can be, and finds out that her prince isn't as perfect as he seems!.
Princess Elizabeth, robbed of her beautiful clothes and her fiance by a fierce dragon, dons a paper bag and marches off to rescue her prince, only to realize he is not worthy of her efforts.