The time is the distant future, where by far the most precious commodity in the galaxy is water. The last surviving water planet was somehow removed to the unreachable centre of the galaxy at the end of the galactic trade wars. The galaxy is ruled by an evil emperor (John Carradine) presiding over a trade oligarchy that controls all mining and sale of ice from asteroids and comets.
Ash is transported back to medieval days, where he is captured by the dreaded Lord Arthur. Aided by the deadly chainsaw that has become his only friend, Ash is sent on a perilous mission to recover the Book of the Dead, a powerful tome that gives its owner the power to summon an army of ghouls.