Dick is a parody film based on the events of the historical Watergate scandal. Betsy and Arlene are two best friends living in Washington D.C. in the 1970s. While sneaking out of Arlene's apartment at the Watergate complex one night, both girls witness the infamous Watergate burglary. Upon discovering the break-in, they are spotted by G. Gordon Liddy. Assuming the girls were committing a robbery, Liddy panics and flees the scene. Meanwhile, the burglars involved in the Watergate break-in are arrested.
During a White House tour, Betsy and Arlene meet with President Nixon. After taking a liking to the president's dog, Nixon appoints the girls as his official dog walkers. Because of their new job, they gain continuous access into the White House. During their visits, they inadvertently influence the outcome of such major events like the Vietnam peace talks by sneaking in cookies with marijuana accidently baked into them. After befriending members of the administration like Henry Kissinger, the girls inadvertently come across secrets about the Watergate break-in. Arlene develops a crush for President Nixon and decides to record a love message for him on tape. While playing it back, they come across audio of the president's rants. They confront Nixon about the tapes and are quickly fired by the president.
The two girls become informants for the Washington Post, revealing every piece of information they know to Carl Bernstein and Bob Woodward. They soon assume the identity of the infamous "Deep Throat." The only physical piece of evidence the girl possessed was a list of names of the Committee to Re-Elect The President. The list was soon eaten by Betsy's dog. Since leaving the White House, Betsy and Arlene were being tracked down by the Watergate "plumbers." Threatened by their constant chase, the girls manage to sneak into the house of H.R. Halderman and steal a tape leading to Nixon's downfall and eventual resignation from office.