LIQUID SKY

A New Wave fashion show is to be held in a crowded Manhattan nightclub. Among the models are bisexual, cocaine-addicted Margaret and her similarly cocaine-addicted nemesis Jimmy. Margaret's drug-dealing girlfriend, Adrian, is constantly hassled by Jimmy because he does not have the money to pay for more drugs.

A small UFO lands on the roof of the penthouse apartment occupied by Margaret and Adrian. Jimmy accompanies Margaret home before the show, but he's actually trying to find Adrian's drugs. Margaret is being watched by a tiny, shapeless alien from inside the UFO. Margaret and Jimmy return to the club to participate in the show. During preparations, both agree to a photo shoot the following night on Margaret's rooftop. They are assured that there will be plenty of cocaine available at the shoot.

Jimmy's mother, Sylvia, a television producer, lives in the building across from Margaret's penthouse. German scientist Johann Hoffman has been secretly observing the aliens from the Empire State Building. Johann needs somewhere to continue his surveillance when the observation deck closes. He seeks help from the only person he knows in the U.S., college drama teacher Owen, who is on his way to meet a former student. Seeking a vantage point on his own, Johann stumbles into Sylvia's building. Sylvia, who has a free evening, invites him to her apartment for dinner. Across town, Katherine states her objection to the heroin use of her boyfriend, failed writer and addict Paul.

Margaret is seduced by Owen, her former acting professor. Then she is raped by Paul, Adrian's client. Paul had returned to seduce Margaret after walking out on a party held by Katherine when she insisted he pull himself together and help greet her business clients. The people who have sexual relations and reach orgasm with Margaret promptly die, with a crystal protruding from their head. Margaret realizes she can kill people by having sex with them. When Paul tries to rape her again in a fit of homophobic rage after finding out about her bisexuality, she vengefully kills him by forcing him to climax.

From Sylvia's apartment, Johann continues his observation between dinner and dodging Sylvia's attempts to seduce him. Adrian arrives home and helps Margaret hide Owen's body. Later the crew arrives at the apartment for the fashion shoot. During the shoot Margaret is taunted by Jimmy, so she agrees to have sex with him knowing it will kill him.

Johann reveals that the alien is extracting the endorphins produced by the brain when an orgasm occurs. Margaret survives because she never experiences an orgasm. Margaret finally learns of the aliens from Johann, whom she stabs to death, something Sylvia witnesses through a telescope. Seeing the alien craft leaving, Margaret injects herself with heroin to induce a wild autoerotic orgasm to ensure the aliens take her with them. Sylvia and Katherine arrive at the apartment together and reach the penthouse in time to see Margaret vaporized and taken aboard by the aliens.