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What there is of a storyline doesn't make much sense, but that's half the fun. Josh (Tim Robbins) is an aspiring moviemaker who has talent, but no ambition. His friend, Ivan (John Cusack) has PLENTY of ambition. After they lose their jobs as security guards, they decide to go into business for themselves. Unfortunately, their paying gigs are for funerals, and the only creative work they can find is "on spec."
Josh and Ivan idolize an old, out of work R&B duo, the Swanky Modes. When Josh and Ivan meet the Swanky Modes in a bar, they realize it's their golden opportunity. They just have to get the Swanky Modes back on stage...
One of my favorite scenes is in the bar, when they ask for another drink. The bartender intends to cut them off, and tells them they can't have another unless they can recite the alphabet backwards, with one eye covered, and in sign language. They get their drinks.
Throw in some Menudo jokes (if you don't remember Menudo, think five fourteen-year-old Ricky Martins), a Bruce Lee type catfight, and some truly hilarious videos, and you've got Tapeheads.
Sam Moore and Junior Walker pair up as the fictitious band "The Swanky Modes" adding a number of very soulful tunes to the soundtrack. To quote Josh & Ivan in the movie "We love the Swanky Modes."