Pooh, Piglet, Tigger and Gopher became a pirate crew called the Pooh Pirates and began to search for buried treasure. They first started to tear up Rabbit's garden in search of buried treasure. Rabbit becomes angry about what they did and decides to teach them a lesson. Rabbit starts by filling a treasure chest with rocks, dumped dirt on it, and marked a letter X on it. Then he draws up a map to help the Pooh pirates find it. Rabbit sent the map to the pirates and claimes that the treasure belonged to his great great uncle Long John Cottontail. After following the map's directions, Captain Piglet and his crew finally found the treasure.
Fearing that someone might try to steal the treasures once they open it outside, Pooh and his friends decided to open the chest inside Piglet's house. They tried all they can to open the treasure chest, but they can't open it. Late at night, Rabbit was excited that his plan might succeed. However, when he fell asleep, he begins to have a nightmare with Pooh and his friends appeared from the ground as stone monsters, Gopher doubting he's a genius, Piglet telling Rabbit that it wasn't a very nice thing to do, Pooh saying that he built up their hopes, and Tigger saying that he got them all excited. Gopher then chewed Rabbit out for giving them a bunch of rocks. The latter apologizes and saying it was just a joke. After the dream, Rabbit becomes scared that Pooh and his friends will turn against him when they find out what's in the chest. He decides to retrieve the chest before it is opened. Rabbit first disguised himself as the ghost of Long John Cottontail and tried to scare Pooh and his friend into giving him the chest, but it fails.
Rabbit is sure that Pooh and his friends won't talk to him anymore and decided to leave the Hundred Acre Woods. But before he can get the chance, the Pooh Pirates decided to blast the chest open and they bring along Rabbit to watch the explosion. The pirates saw the rocks and Rabbit apologized to them, but Pooh and his friends actually like the rocks and found a great use for them. Then the real ghost of Long John Cottontail appeared and confronted them. Pooh and his friends were terrified of him and runs away. After that, a bewildered Long John Cottontail disappears.