Vienna, 1815. Napoleon, vanquished for the moment, awaits his fate on the island of Elba while Europe's Old Guard meets in Vienna to carve up the continent for themselves. But there are other intrigues abounding,those of the heart.

Hans, a relief waiter in an upscale Berlin nightclub, rents a room by night. Grete, a manicurist, rents the same room by day. Though they have never met in person, the two have forged a lasting enmity toward each other. They also unwittingly strike up a romance without realizing that they share a room.

Struggling actress Susanne runs into washed-up ham actor Viktor and strikes up a friendship. When she stumbles upon Viktor's secret—that he moonlights as a drag performer at a club—the two of them concoct a wild plan. What if Susanne takes his place, and does her routine pretending to be a drag queen? All goes well until "Viktoria" falls in love.