Timmy’s watching “Lifestyles of the Rich and Wasteful” and imagining what it would be like to be famous. Cosmo lets it slip that they are famous. Of course, as Cosmo digs himself in deeper and deeper, Timmy begins to suspect that something is up. And he’s right! An impromptu trip to Fairyworld reveals that Timmy is indeed a star…on his very own reality TV show, Timmy TV! It seems cameras have been following him around for years; luckily, he’s been too clueless to notice.
This synopsis needs improvement.
After watching a TV show hosted by Chet Ubetcha about the famous people's lives, Timmy asks if it would be awesome if he, Cosmo, and Wanda were famous. Cosmo says that he, Timmy and Wanda are already famous. Wanda gets mad and turns Cosmo into a concrete block. Then Cosmo backs and tells "there isn't any secret to find out with a trip to the Fairy World". So Timmy wishes he was in Fairy World. Wanda, looking nervous, says it's not very polite to appear in Fairy World without warning, and Timmy says he does not mind being polite. Cosmo agrees, saying that the only times that the words "Timmy" and "polite" appear in the same sentence is when the contraction "isn't" appears in the middle. Timmy ends up wishing to go to Fairy World anyway.
Once there, Timmy is surprised that all the fairies are watching and waved to them. After a fairy says "Cosmo's gorgeous" and another says that "Wanda is more fat live" Timmy finally asked what was happening. Then he sees a sign reading "Timmy TV, weekdays at 9pm" and asks what is Timmy TV. Simon Sparklefield, in his office, responds that it's Fairy World's top television show. However, now that Timmy knows, it's has to be cancelled, because the show uses a "fly-on-the-wall" concept that would be ruined by Timmy's knowledge. However, he quickly changes his mind and starts thinking that, now that Timmy knows, he'll be able to change some things in his life to make the show more interesting.
Timmy gets happy to know that he's Fairly World #1 star, and asks since when the show has been on. Cosmo answers that it's since they cancelled "Leave it to Binky".
Timmy meets Simon at The Pointy Crown, where Simon says that wanted to make some changes on the show. Cosmo begs to not to be withdrawn from the show, because of his lots of fans, but actually, nobody at the restaurant seems to be his fan.
Timmy signs a contract without reading it, making Cosmo says that the only times that the words "Timmy" and "Read" appear in the same sentence are when the words "Doesn't" appear in the middle.
While relaxing at the pool, Simon says that Timmy needs a catchphrase, "What Could Possibly Go Wrong?", an to change his hat's colour to purple. Even while Wanda disagreed, Timmy does everything that Simon says.The "Timmy TV Theme" plays and the show begins.
Timmy's Mom gets annoyed about the laughing in the background, common in many sitcoms, and about the fact that Timmy constantly repeats his catchphrase, "What Could Possibly Go Wrong?". Then she puts the boy in punishment, making Simon claim that punishment does not give audience in a reality show. He replaces Mrs. Turner for a woman named Florence Henderson, and later, Chester and A.J. for monkeys.
Mr. Turner asks Florence, thinking that she's Mrs. Turner, what she did with her hair, face and body.
When Simon tries to replace Cosmo and Wanda next, however, Timmy refuses. Wanda thinks that Timmy will make a sentimental speech, revealing his love for his godparents, as he did in "The Zappys" but instead, Timmy says that if they were gone, he would miss having ice cream every time he wants.
Simon says that Timmy signed a contract, and the only one way to he to get out of that was finding a crazier person to be the main character of a new show. So Timmy founds Crocker TV, about Denzel Crocker's crazy life hunting fairies. Crocker's expression "FAIRY GOD PARENTS!" became his catchphrase. Suddenly, the fairies in Fairy World know Crocker, and they start spazzing out while saying "DENZEL CROCKER!".
Towards the end of the show, Timmy repeats for the last time his catchphrase "What Could Possibly Go Wrong?" and then Binky answers "several things" and tells that his mom is his manager. It makes Timmy remembers that his Mom was replaced, and then she appears in a screen with a lot of other children. Florence appears and says that she was in her place. The episode ends with Mrs. Turner noting that Florence is so shrill.