Timmy travels back in time to the Old West to find the lost deed for Dimmsdale Flats. It's the only way to save Dad's favorite childhood, wild west attraction from being bulldozed and turned into a mall. But to find that deed, Timmy will have to defeat the evil outlaw, Vicky the Kid.
The scene opens in a desert road. A car is swerving along the road, dodging tumbleweeds, while the driver makes neighing noises like a horse. It is Timmy's dad, who has replaced his steering wheel with reins. Timmy asks his dad what he is doing, who replies that safety is for yellow bellies. Cosmo and Wanda are disguised as fuzzy dice hanging from the rear view mirror of the car. Timmy tells Wanda that the Squirrel Scouts are going on a trip to Mr. Turner's favorite childhood place, Dimmsdale Flats. When Timmy and the other Squirrel Scouts get there, they quickly see that the place has become a run down dump... until Mr. Turner explains that it was always that way, and he also shows a cardboard cutout of "The Masked Stranger", a cowboy that looks exactly like Timmy with a black mask over his eyes. Timmy is bored however, and says that the place should have been torn down and made into a mini-mall. Mr. Turner disagrees, but when Timmy points to a line of bulldozers from the "Tearing Down Your Most Cherished Childhood Memories Construction Co.'" line up outside the town, Mr. Turner faints.
As the scouts tend to their fallen scoutmaster, Doug Dimmadome introduces himself and explains that the deed for Dimmsdale Flats was lost over 120 years ago, and now that it is expired, Doug Dimmadome can bulldoze the place and build the world's largest mini mall. At first Timmy and his friends do not mind or care, but when Timmy sees how upset his father is over this, he convinces the other Squirrel Scouts to stand by their scoutmaster, and block the bulldozers from tearing down Dimmsdale Flats. Doug Dimmadome throws Timmy, his father, and his friends into the old jail cells, which Doug describes as simply a "rustic daycare center with big iron bars". He turns out the lights when he leaves. A pair of sinister looking eyes appears in Chester, A.J., Elmer, and Sanjay's jail cell after they realized that it has a coyote shaped door. In the other jail cell, Timmy assures his Dad he will find a way to stop them from tearing down the town, and his father starts to cry uncontrollably. Timmy turns away and whispers to his fairies asking them to wish up the deed, but they cannot wish up something that is lost, and they cannot create a new one because Da Rules says that would be considered falsifying documents. So Timmy decides to recover the real deed himself, and he wishes himself back in time 120 years ago to when Dimmsdale Flats was populated.
Back in the old west, Timmy watches a scene in the now bustling town unfold. An ancestor of A.J. is explaining the nature of an extremely cumbersome invention that he made to an ancestor of Chester. There is also an ancestor of Sanjay with them, and an ancestor of Elmer who is kicked out of a nearby saloon. The four children yell in fear when they see who steps out of the saloon, it is Vicky the Kid, an ancestor of Vicky who is just as mean and nasty as her future counterpart. Vicky the Kid says that the town is too dirt poor to pay her for her babysitting services with anything else other than the deed for the entire town. Timmy, who is hiding nearby watching Vicky hog-tie his friend's ancestors, comes up with a plan. He disguises himself as "The Masked Stranger", the same cardboard cutout his Dad shown him earlier, with Wanda as his Native-American sidekick "Dances With Wands", riding on his trusty "steed" Cosmoo, who is disguised as a milk cow.
Timmy and Vicky the Kid face off in a rock-paper-scissors. Timmy beats her, but Vicky the Kid asks for best two out of three. Timmy agrees, and Vicky the Kid tries to cheat by poking him in his eyes, but Timmy still beats her fairly. She refuses to give up the deed though, so Timmy whistles to Wanda, who drops a barrel on Vicky the Kid. She lets go of the deed and it flies into Timmy's hands, and then Timmy kicks the barrel containing Vicky and it rolls out of the town as she swears revenge. Timmy hides the deed in a safe place where nobody would look and then poofs back to the present. As Doug Dimmadome prepares to bulldoze the town, Timmy stands in front of him and blocks him. Timmy produces the deed from an old computer manual to the makeshift computer past-A.J. built because "nobody looks in manuals", and then gives ownership of the deed to his father. But being locked in a jail cell with coyotes made Mr. Turner realize that this place and his childhood stunk, so he sold the deed to Doug Dimmadome for eight dollars. This disappoints Timmy and he looks sad as they drive away, while the entire town is demolished behind them, but his father shows his gratitude by giving Timmy a sheriff's badge with "I made my Dad richer Badge" etched over "Sheriff's Badge". Timmy and his friends wonder if they forgot something. Chester is shown in the middle of the desert, fending off a coyote with his detached braces, saying that he was going to get his "Beaten by a Chester" badge and to bring it on.