Early in the morning, Candace is attempting to show Stacy how to imitate Klimpaloon, the magical old-timey bathing suit that lives in the Himalayas. She will be singing with Love Händel at an award show, since she won that random contest to sing backup with the band. Linda tells her that the limo is waiting. Phineas and Ferb are in the living room reading a book. Linda and Lawrence approach them dressed as Lindana and Max Modem, respectively, since they will be presenting at the awards. Phineas shows them the first journal of Sir Alvin Shackleberg, a famous explorer who discovered Klimpaloon in the Himalayas. He got the book to help with Candace to learn her part in the song. Candace comes down "nang-nang-nang-ing", and Phineas is impressed. When Phineas and Ferb see that the limo has a pool in it, Ferb shows a blueprint for adding a water slide to the limo. He then wonders where Perry is.
Perry puts on his fedora, gets out a yoga mat and starts to meditate. He finds himself on a hilly plain, with Major Monogram floating on a cloud with a third eye, a beard, and long hair wearing an Indian garb and playing a sitar, since it is Transcendental Meditation Week. Monogram informs Perry that Dr. Doofenshmirtz is working as a seat filler at the Tri-State Music Awards, and that his brother, Roger, is hosting the awards. As usual, he tells Agent P to go and find out what is going on.
As the awards show is finally starting, Roger appears and introduces both Max Modem and Lindana, who then presents out the first nominee, Slamm Hammer, who plays his first song, which is just only one line. As Lindana presents out the second nominee, the Hockey Hooligans, to the audience, Doofenshmirtz is seen heading over to the wardrobe closet, and Perry follows him there. However, having expecting his arrival, Doofenshmirtz traps Perry in a wig. He then explains his latest plan:
Doofenshmirtz once learned from the Danville City Charter that a warthog was once elected Mayor of Danville in 1805, and allowed his relatives to fill in the cabinet, but the public was fed up by this, that they decided never to allow a warthog to be placed in a position of authority again by placing a new law called the Warthog Nepotism Act. It was then Doofenshmirtz created an elixir that can transform any living creature into a warthog by the use of pseudo-technology. As such, he plans to spray the elixir on Roger on stage, so that he will be removed from office. Upon hearing that the Mayor is getting onstage, Doofenshmirtz leaves to enact his plan, and Perry is forced to follow along, since he is still trapped inside the wig.
Candace and Love Händel are now preparing to come up on stage to play their song, but they are interrupted by Slamm, who claims that Klimpaloon doesn't exist. Candace stated that she seen Klimpaloon before, but is retorted by the arriving Mittington Random, who orders Love Händel, Lindana, and Max into a soundproof room. Random then states that they won't get out, until their song must be proven with evidence in the show within 24 hours.
Candace then decides to bring in Klimpaloon to the awards show in order to prove her claims, and Phineas willingly agrees to help her out, even having Ferb to call out the gang to help. Upon hearing this, Slamm swore to stop them. Around the same time, Doofenshmirtz aims his elixir at Roger, but only Perry takes the shot for himself and accidentally gets his tail stuck on his tambourine and his head on a Rastafarian hat, transforming him into a warthog version of himself. The legendary band Swine Flute, upon learning that their tambourine player won't be coming tonight for the show, spot Perry and drag him to the stage because of his tambourine tail. This leaves Perry upset, seeing that he is unable to deal with Doofenshmirtz without trying to ruin the band's performance.
Phineas and the gang then travel to the Himalayas on yak rides. Little did they know that a shadowy figure is following them, presuming to be Slamm. After finding a tunnel, Candace mimics the Klimpaloon's sound, which then finally attracted the Klimpaloon to finally come out and reveal himself to the kids. However, before the kids could take him, the shadowy figure traps the kids in a net and nabs Klimpaloon, revealing himself to be none other than Random himself.
While in the soundproof booth, Max tells Love Händel about the time when he met Linda, he ordered poached eggs with salmon. Danny then wonders what the kids are doing.
Back in the Himalayas, the kids are trapped in a cave by Random. Candace demands an explanation for this, to which Random finally explains that he wanted to find Klimpaloon for years. He also confessed that he once read Shackerberg's second volume of the journal in an auction site, but had to lose the first one to the kids, so he had to follow them to lead him to Klimpaloon. It was then Random finally reveals his true plan: his sales over his products have gone flat and he now plans to use Klimpaloon as a ticket to help him reinvigorate the sales of old-timey bathing suits and make a fortune out of it. And to do so, he needs to unravel of Klimpaloon's secrets; as of how is he able to stand and walk, and how he can talk. As Random flies off in a helicopter taking the captive Kimpaloon, the kids free themselves and swore to rescue Klimpaloon and stop Random at his tracks.
Meanwhile, back in the awards show, Doofenshmirtz learns that Roger will not be until the end of the show, so he places his elixir inside the podium and sets it into a timer so that by the time Roger is done, the elixir will set off and turn him into a warthog. In the meantime, Swine Flute are now in the press room holding their awards, including a nervous Perry, who is still a warthog.
Using Klimpaloon's loose thread on a compass, the kids ride down the hill on snowboards, only to find a fortress (presumably to be Random's). Phineas attempts to lay down a plan to distract Random in order to rescue Klimpaloon, but Buford decides to just burst into the place, which forced the others to follow him. However, several men in parkas (presumably henchmen working for Random) spot the kids and trap them. The gang is then led into Random's lair, where there are several deformed Klimpaloon clones, much to the kids' horror. Also, Random has gotten himself a device that would seemingly extract Klimpaloon's life force, and he plans to infuse the life force into his latest swimwear line, which only disgusts the kids. Fortunately, Ferb spots a plug and takes it off, causing a temporary blackout that allowed the kids to finally free Klimpaloon and makes a hefty escape. Random orders his men to go after the kids and stop them, but the men aren't able to go out into the snow because they are wearing their bathing suits, which then forces Random to go off on his own.
As the show is about to end, Lindana, Max, and Love Händel are released from the soundproof room and are about to publicly concede defeat, but then the kids arrive to prove the existence of Klimpaloon to everyone, resulting in an outstanding applause. Candace then explains that Random is nothing more than just a ruthless businessman trying to capture Klimpaloon for his sales gimmick, much to Linda's disbelief. Even after Phineas and the kids confirm that Candace is telling the truth, Linda still doesn't buy it. Nevertheless, Love Händel is named the winner in the Fact-Based Song category, and Candace and Love Händel finally perform "The Ballad of Klimpaloon" with Klimpaloon floating over the audience in a cable, resulting an outstanding ovation from the audience.
As Roger happily gives in a hand for Love Händel, Random is fuming over the loss of his plan, swearing to get Klimaploon and rip him open for his sale gimmick and insulting over the consumers of being brainless creatures that would do anything to buy his products. Little did he find out that a microphone has picked his awful rant for everyone to hear, thus proving Candace's suspicions correct. Realizing this, Random heads to the podium and asks if everyone had heard it, to which they confirmed. This results Random to finally lose his career, and at the same time, the timer goes off and Doofenshmirtz's elixir sprays on Random, turning his head into that of a warthog's. As an angry and humiliated Random walks away in defeat, Doofenshmirtz attempts to curse Perry again but decides to forget about it since Perry had nothing to do with it as he was too busy helping out with Swine Flute.
With their mission done, the kids spot Klimpaloon riding in a Random Swimwear limo, presumably heading back to the Himalayas. Around the same time, the elixir on Perry finally wears off and he is turned back into a platypus before rejoining the kids. At that time, Baljeet wonders how they will get home.
- Vincent Martella as Phineas
- Ashley Tisdale as Candace
- Thomas Sangster as Ferb
- Caroline Rhea as Mom
- Richard O'Brien as Dad
- Dan Povenmire as Dr. Doofenshmirtz, Klimpaloon, Stage Manager
- Jeff "Swampy" Marsh as Major Monogram, Announcer
- Tyler Mann as Carl
- John O'Hurley as Roger
- Dee Bradley Baker as Perry, Swampy
- Maulik Pancholy as Baljeet
- Bobby Gaylor as Buford
- Alyson Stoner as Isabella
- Kelly Hu as Stacy
- Carlos Alazraqui as Bobbi
- Jaret Reddick as Dannyy
- D.B. Sweeney as Slamm Hammer
- Jon Stewart as Mr. Random
- My Undead Mummy (instrumental)
- I'm Lindana and I Wanna Have Fun! (instrumental)
- Alien Heart (instrumental)
- Trees are Made of Wood
- Hockey Z-9
- Forever Summer (instrumental)
- Flashing Back to Fashion Forward
- The Ballad of Klimpaloon
- The title refers to The Bourne Ultimatum.
- Alvin Shackleburg, the man who discovered Klimpaloon, is most likely a reference to Ernest Shackleton, a polar explorer who led three expeditions to the Arctic.
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