10-year-old Timmy Turner is left alone by his parents with a cruel babysitter, Vicky. After being sent to his room early, miserable from Vicky's treatment, Timmy throws his Magic 9-Ball against the wall in frustration. The 9-ball breaks, and from it emerge two Fairy Godparents named Cosmo and Wanda, a fairy couple who can grant nearly anything Timmy wishes for! (except the ones in Da Rules). The same scene appears in Abra-Catastrophe! Part 1 and Deja Vu before Timmy said "Not that far!"
The series opens at the Turner household as Timmy is being left in the care of a teenager named Vicky while his mom and dad go out to the movies. In the unwitting eyes of Timmy's parents, Vicky acts like she can be good friends with Timmy, despite his attempting to object, and as soon as they've left, she reveals her true colors. She orders Timmy to go wash the dishes, despite him pointing out that she's supposed to be the one doing that. She threatens to show his parents a copy of Chix Magazine allegedly belonging to him. When he says that they won't believe her, she tells him she did this to her little brother and proves it by calling him on the phone and having Timmy hear the child screaming on the other end. Timmy reluctantly agrees to the task, and Vicky then promises to order a pizza, with Timmy requesting that it should not have anchovies. Two hours later, after finishing the dishes, Timmy crawls back into the living room only to see that Vicky has eaten all the pizza - except for an anchovy-covered slice that she saved for him. Timmy screams and faints, and then Vicky awakens him with a bucket of water in his bedroom, saying it's his bedtime now. Timmy says he's not tired, so Vicky threatens to make him watch her favorite show, The World of Lip Gloss on the Makeup Channel, and then leaves the room cackling fiendishly.
Timmy gets out his Magic 9-Ball and asks it when his parents will get home from the movies, but it answers that they're watching the director's cut of Titanic, affirming to him that they won't be back for quite a while. Frustrated, he throws the ball at his wall. The toy suddenly splits in half and releases a magic aura that brings forth the entrance of Cosmo and Wanda, who introduce themselves as his fairy godparents. Timmy, finding this strange, goes to call the police, but the pair stops him, saying he shouldn't let anyone know about them, or else they have to go away forever, as dictated in Da Rules. They explain to Timmy that they've come to help him out of his misery by granting his wishes. Suddenly, Vicky bursts into the room, wanting to know what's going on, so Cosmo and Wanda disguise themselves as Timmy's goldfish. Vicky, claiming that these new fish are probably riddled with germs, demands Timmy to get rid of them or she will flush them, and then goes to take a bath.
Timmy becomes keen on the fact that he now has fairy godparents to grant his wishes and wishes for Vicky's bath water to turn into gelatin. Then he wishes for whipped cream to squirt out of the shower head on Vicky, and then for a giant cherry to fall on her. He then wishes for Vicky to be turned into a chocolate shake, but when Cosmo tries to grant that, he turns her into a chocolate snake instead (which he blames on the wand). The snake-Vicky starts chasing Timmy around the house, so he wishes she be turned into a fly, and then cues Cosmo and Wanda for a flyswatter. He chases her with it until he corners her on the refrigerator, and Cosmo and Wanda scare her as polar bears. Timmy then hands the pair a wish list. Vicky, now back in her regular form, tries to run away, but Wanda sits on her as a big baby, and then she winds up inside Cosmo as a whale. When she tries to escape that, she gets transported into outer space, and Wanda and Cosmo, all wearing Darth Vader costumes, chase her in TIE fighters until she hides inside a crater. When she climbs out, it has turned into a circus cannon that blasts her, now tied up, onto some train tracks. Cosmo, as a train, comes at her as Timmy, dressed like Snidely Whiplash, threatens her into saying she's sorry, and then the scene fades and Mr. Turner comes waking her up as if she has just been dreaming. The Turners offer to drive Vicky home, but not before Timmy gets her to promise to hand-wash his dirty laundry. Timmy then asks his mom to have Vicky babysit him all the time, to which Cosmo and Wanda respond by saying that they're gonna be with this kid for quite a while (and will be clean). This episode begins the adventures of The Fairly OddParents during the Oh Yeah Cartoons.