It is raining and The Eds are stuck in Ed's room. Annoyed that the fact no scams can be done in the rain, Eddy slams the window on Ed's nose. While Eddy is complaining about nothing to do in Ed's room, Ed is walking backwards, trying to pull his nose out of the window. It eventually gets loose, and Ed is sent crashing into his store room with Edd and Eddy. Buried by a pile of Ed's stuffs, Eddy feels something on his butt and thinks Ed's hand is on his butts. However, it turns out it is "Lizards and Wizards", a role-playing board game that belongs to Ed!
Ed takes out the board game to play. Edd thinks it's interesting but Eddy thinks it's dumb. Ed rolls the dices to determine the characters he and his friends will become. The dices settles with Eddy as a jester, Edd as a lizard and Ed as The Game Master, Wizard Ed! While Ed sprinkles his "magic dust" (which is actually glitter stated by Edd), Eddy laughs at the pink horse models as sissy. Ed defends, stating that the horses are noble steeds that had have to cross the dangerous strawberry jam swamps on the last adventure.
Edd and Eddy do not feel like playing the game. Eddy wonders if it's still raining while Edd suggests a simple game of checkers. Ed hugs them tight and pleads to play "Lizards and Wizards" with him. Unable to breathe, Edd and Eddy agree to play. Ed rolls the dices to determine their weapons. He gives Edd a magical sword and Eddy laughs because the sword is actually a lame cardboard sword. Ed then tosses a wand into Eddy's face to quiet him. Roots and branches begin to grow in Ed's room as Ed's imagination goes wild.
The Eds are in a forest, riding on their noble steeds, which are now fully-grown pink horses, ready to be guided into the game's adventures that lie ahead. Suddenly, Jonny and Plank come to Wizard Ed, but they have pointed ears like elves. Elf Jonny tells Wizard Ed that the princess is in danger! He volunteers to guide The Eds to Mount Goatmeal, which Wizard Ed accepts.
When The Eds and Elf Jonny climb towards Mount Goatmeal, Goatmeal The Destroyer (which is actually Rolf) appears! Elf Jonny and the steeds run away. Wizard Ed rolls the dices for his magic, and casts a spell on Goatmeal, turning him into cheese! The sight of Goatmeal Cheese rolling downhill makes Lizard Edd and Jester Eddy hungry. Wizard Ed leads them to a cave, where a nest of colorful sweet eggs are stored.
Jester Eddy sees the eggs as Jawbreakers and gets excited. Wizard Ed advises that it is best not to wake the dragon as she is very protective towards the eggs. Jester Eddy ignores it and gobbles up a red egg loudly. The dragon, which looks like Sarah, wakes up and demands her egg back angrily.
The Eds quickly escape from the cave before Dragon Sarah can burn them with her fire breath. In reality, The Eds run into Ed's room, with Sarah yelling at them to stay out of her room. After The Eds hide behind Ed's armchair, Ed resumes his imagination and sees a castle in front of them. The princess calls for help from the top of a tower.
The Eds race to the rescue, running up the stairs with Wizard Ed as the leader. However, Evil Knight Kevin knocks them down halfway with his shield. Wizard Ed decides to roll the dices, but Jester Eddy has had it enough. He throws the dices off of a window and uses his strength to throw Evil Knight Kevin down successfully. Eddy begins to love the game but Edd tells him that it will have been a much different story in reality.
The Eds finally reach the tower and find the princess. Jester Eddy tells her to hand over the reward, which she accepts. When the princess gives a shiny gold box to Jester Eddy, he is shocked to find that the princess is actually Jimmy! Nevertheless, he hopes whatever is in the box will be good.
Back to reality, The Eds are in Sarah's room. Sarah hands over the box to Eddy and a fist comes out of the box, knocking Eddy on the face! She then shoves The Eds out of the window. After Sarah shuts the window, she suggests Jimmy to play a game, which Jimmy responds with "Lizards and Wizards". Meanwhile, The Eds are on the puddle, outside with the rain pouring on them. Ed plays around and sings while Eddy tells him to shut up.
- The title is a reference of "Enchanted Land."
- The game "Lizards and Wizards" is based on the actual role-playing board game, "Dungeons & Dragons".