Two jewel thieves are caught in the act by Spidey after robbing a jewelry store at midnight. They are trying to mix the jewels with ice & then smuggle them out of the country. One of the thieves - known as Dr. Cool - manipulates his trick cane, rendering Spidey unconscious. The henchman ties Spidey up & places him in a deep freeze, then turns the temperature to absolute zero! Spidey is unable to free himself before the cold takes over, and he awakes to find the city in ruins & inhabited by cavemen, who attack him. Fleeing from them, he finds himself attacked by a dinosaur & mastodon as well, but then a noise takes over - the sound of a hammer hitting ice and breaking it away from him. Spidey comes to and discovers a human face staring at him - the cavemen & everything else was a dream! The ice man has stopped by the depot to pick up a load, and discovered Spidey in the freezer. When Spidey asks what time it is, he discovers it's midnight, and anticipates another visit from Dr. Cool. Spidey lies in wait for the thieves and sure enough, they show up. The two men are stunned that Spidey is still alive, and Cool again tries the cane trick. This time it fails, and Spidey stops them by pulling open an ice-filled drawer and sending an avalanche of ice on top of them. Police soon arrive and arrest Dr. Cool & his henchman.