The Lansing Ice Wolves, a minor-league hockey team, is playing a game. A fan-favorite, Derek Thompson (Dwayne Johnson), skates and likes all the fans he has. His nickname is “The Tooth Fairy” as he hits so hard, he knocks out his opponent’s teeth. He sees all the signs for “The Tooth Fairy” and others that say “Got Tooth?” or “You Can’t Handle the Tooth”, and smiles… and checks an opponent hard into the boards. The glass shatters, and the guy falls through while his tooth shoots up. Thompson gets another 5 minute major penalty and goes over to his special chair in the penalty box; he has the most penalties in the league, and has his own chair in the box. After the game, the coach tells him they are getting a new player; a young hotshot named Mick “The Stick” Donnelly (Ryan Sheckler), and wants him to mentor the kid. He advises the kid to lower his expectations, and get used to being in the minor league. Mick is amazed that Derek is still playing; he chides him about being an old player.
Derek is dating Carly (Ashley Judd), a single mom with 2 children: Tess (Destiny Whitlock), a young girl about 6 yrs old, and her older brother, Randy (Chase Ellison). Derek baby-sits that night while Carly goes out, and has his buddies over for a poker/pizza night. Derek comes up short on cash, and goes up to Tess’s room. Tess just lost her tooth and put it under the pillow. He finds the money, and takes it downstairs, and resumes his game. When Carly returns, Tess hears her and wakes up, and finds her tooth is gone, but there isn’t a dollar. Carly starts looking under the bed for the missing money. Derek remembers that he didn’t put the money back and, now that he has poker winnings, pulls out cash and asks Tess how much she wants, and is about to say there isn’t a Tooth Fairy at all when Carly tells him “NO”, and gives him a mean face. She quickly pulls a bill from her wallet and “finds” it under the bed. Tess is thrilled, and she hugs her mom and goes to bed. Tess lectures Derek that kids need to believe in things like the Tooth Fairy, and it wasn’t his place to tell her that it wasn’t real.
He goes home, and falls asleep. He wakes to find a glowing “Summons” from the Grand Court of the Tooth Fairy, under his pillow. He can’t figure out what it is, and before he knows what is going on, he has sprouted wings, then tights, gold slippers and a pink tutu. He is taken up in clouds to the Tooth Fairy Kingdom Grand Hall, where many tooth fairies are working, checking assignments and global maps. He hears his name called, and is assigned Tracy (Steven Merchant) as his case worker. Tracy is a very tall, skinny goofy guy with glasses and an English accent. He calls Derek “The Dream Crusher” for trying to tell Tess that Tooth Fairies aren’t real. He is taken to the leader, Lily (Julie Andrews) who finds him guilty of “disseminating false information” about tooth fairies and for being a dream crusher. She sentences him to 2 weeks of being a tooth fairy. If Derek misses an assignment, the sentence gets doubled. If he tells anyone about his job, his sentence will be made indefinite. He is angry about it, and makes sarcastic remarks. He gets a new blue, male-fairy outfit, and then reluctantly goes to flying class, and is a failure. He then meets with Jerry (Billy Crystal), the fairy supplier, who gives him the necessary items to do his job: “Cat Away” spray, Dog-Bark mints, Amnesia dust, Invisibility Spray, Shrink Cream and a tooth bag. These things are to help him get into a child’s home and get out with the tooth and NOT get caught.
Derek wakes up at home the next morning, and instantly checks to see if he has wings, but he doesn’t. He breathes a sigh of relief, and thinks it just must have been a dream. He takes a bouquet of flowers to Carly and apologizes for his remarks to Tess, and she forgives him and lets him in. They enjoy a candlelit-dinner together, and are about to have dessert when Derek’s phone vibrates a text message from “T”. He has no idea what it means and ignores it. It goes off again, and then his wings pop out. He panics with Carly in the next room, and runs outside and pretends he is sick. While she looks for medicine, he sees Tracy with his first assignment and now realizes it was all real. He drives to the house, and is mad he has to do something so stupid. To get in the house, he eats the Shrink Cream and shrinks small enough to slip under the front door, dodges a sleeping cat, and climbs up on to the child’s bed. He gets the tooth and leaves the money. While making his getaway, the cat has come upstairs and the kid awakens, sees tiny Derek and screams. Derek hides behind the door when the parents come in, and grabs the kid’s tiny toy skateboard, a Tech-Deck, and skates away from the cat, and escapes.
At Derek’s hockey game the next day, he is disappointed when he skates onto the ice, and doesn’t see any “Tooth Fairy” fans or signs…they are all now fans of “Mick the Stick”. While they are playing at the end of the game, Derek sees up on the electronic scoreboard that he has his next Tooth Fairy assignment; while seeing this, he misses blocking for Mick, and Mick takes a check and doesn’t score the winning goal. The coach is mad at Derek. He rushes off the ice, and Mick, the coach and others follow, to chew him out. Derek ducks in a bathroom stall, and quickly uses some Shrink Cream before they can bust the door open…and flushes himself down the toilet to escape without them seeing his wings. He shows up at the assignment, wet and angry. Instead of sneaking in, he rings the bell, dumps Amnesia Dust on everyone, and stomps upstairs and swaps the money for the tooth. Tracy is not happy, as that is not how it is supposed to be done. Lily calls him up to her office in Tooth Fairy Kingdom, and is disappointed in him.
Carly’s son, Randy, isn’t interested in Derek at all, and she thinks they need some one-on-one time together. Neither is thrilled, but they agree to spend the day together as Carly and Tess go to a “make-over” party. Derek knows Randy plays guitar and is really good, so Derek takes him to a music store. He leaves him with the guitars while he goes and looks at drums. A cute girl from Randy’s school stops in and says hi, and they chat. He “boyfriend” comes in and makes her leave, and then begins to bully Randy. He mocks his playing, and then is getting tapped on the head with drumsticks by Derek. He tells him to get lost, and beats on his head a bit more with the sticks. He and Randy smile, and laugh. At home, Derek and Randy have fun playing cards, and them jamming with guitar and drums. Randy mentions his school talent show, but is afraid to enter. Derek encourages him to do it, and says he is a good playerRandy beams.
On Derek’s next Tooth Fairy assignment, he sprays himself with the Invisibility Spray. The parents of the child hear him and freak out-they think he is a ghost. The assignment is a disaster, the family dog attacks, and Derek ends up back at Lily’s office, with a dog stuck biting on his wing. Lily tries to explain to Derek that what they do is important, but he thinks the whole kingdom should just give up. She explains that if kids don’t have things to believe in, then they won’t dream, and their kingdom would cease to exist. He mocks her and the fairies, and thinks that would be ok. She refuses to refill his supplies. A sneaky tooth fairy, Ziggy (Seth MacFarlane), sells him some more supplies, which are “off-market”.
At Derek’s next assignment, he tries Ziggy’s Invisibility Spray…which only makes him transparent. The mom sees him-so he tries Ziggy’s Shrink Cream, but it just makes him misshapen, and she calls 911--Derek ends up in jail. Tracy visits him there, and tells him that Lily added an extra week to his sentence since he used Ziggy’s stuff. Carly comes to bail him out and he can’t explain what happened. He tries the Amnesia Dust on her over and over, until he says the right thing, and she hugs and forgives him.
Derek realizes his Tooth Fairy responsibilities aren’t going away, so he decides to embrace the Tooth Fairy spirit BUT…do it his way. He comes out with his hockey pads, gloves and helmet on. He does his next assignment with a better attitude.
In the next hockey game, Mick taunts Derek and says he is a bit “long in the tooth” to be playing hockey still, and Derek chuckles, but thinks of a way to get even. He leaves the bench and sprays Invisibility Spray on, and then goes on the ice. He knocks the puck away from Mick and Mick can’t figure out what is going on. Derek checks him into the boards, and he falls, but no one sees Derek as he is invisible. He tickles Mick, and Mick doesn’t score the goal. Derek pops a Dog-Bark mint in Mick’s mouth, and when the ref comes over, Mick barks at him. The ref is furious and kicks him out; Derek just smiles.
Derek and Randy play guitar and drums; Randy is nervous about the Talent Show. Derek tells him about his old hockey days, when he was a star: he used to be in the NHL, and got hurt. While his injured shoulder was healing, they sent him down to the minor-league team. It took a long time, and still doesn’t feel right, so he is afraid to shoot. Now he just gets the most penalties and is a fan-favorite for his rough style of play. Randy asks him to try, so the two make a deal. They will both practice and try: Randy at the Talent Show, and Derek at shooting the puck. The two are really getting along well.
While on assignment, Derek asks Tracy why he doesn’t have wings; Tracy just didn’t grow any, so he is a mentor, but dreams of being a tooth fairy. Derek tells him that he does his tooth fairy assignments without flying, so why can’t Tracy do the same? Tracy wonders, and then agrees to let Derek coach and train him in agility and technique.
Derek has been putting in extra time at the rink by himself, practicing. He skates between cones, and shoots puck after puck at the net, and gets better. Next game, he gets the puck, and skates toward the goalhe is doing amazing, and the fans are excited. The coach and Mick yell at him to pass the puck to hotshot Mick to shoot, but Derek refuses, and keeps it, heading toward the net. He gets close, has his shot, and freezes. He is afraid to take the shot. While he is standing there, he gets checked, loses the puck, and the other team scores. After the game, the coach yells at him and calls him a bum. When he leaves, he is angry and doesn’t want to be bothered, but Randy keeps asking him to practice for the Talent Show, which is tomorrow. Derek finally blows up, and says to Randy that he should give up on it because he’ll never be a rock star and will fail. Randy starts to cry, and then smashes his guitar on the ground. Carly is furious at Derek, and tells him he will never ever talk to her or her kids again, and they are over. She also tells him that he doesn’t need to be so realistic and negative, and needs to learn to say, “What if?”, and then leaves with her kids.
Tracy shows up for the next assignment, with a “learners permit” to be a Tooth Fairy. He is excited and shows Derek. Derek is still angry about his hockey game and lashes out at Tracy and tells him he’ll never be Tooth Fairy. Tracy is hurt, but tells Derek that all his dream-killing remarks hurt himself (Derek) the most, more than anyone else.
Derek has another hockey game, and hasn’t played once. With a minute left, a teammate is knocked out, and reluctantly, the coach has to put Derek in. Derek gets checked by the opponent, and no penalty is called. He pulls himself up, and sees Tracy there, sitting on the goal. He takes a minute, regroups, and smileshe realizes that he has to try, to dream, and is motivated to play his best. He starts skating, and gets the puck, then shoots…and scores! The game is tied with 20 seconds left. Mick “The Stick” congratulates him, and the 2 teammates smile and are ready to try to win the game. But, on the scoreboard, Derek has one last assignment: the address is Carly’s houseTess must have lost another tooth. He wants to play, but also wants to do his duty as a Tooth Fairy. Tracy offers to cover that one for him, as he has his permit, but Derek knows he has to do it himself. His wings pop out, and the entire rink sees it. Then, his outfit changes from hockey gear to his blue Tooth Fairy uniform. Derek decides it’s now or never, and tries flying. He skates full speed down the ice, and takes off, and magically flies up and out of the rink. No one can believe what they saw. Then out drives a Zamboni, with Tracy and a huge cannon-like gun on top. He laughs and shoots the entire building and everyone there with Amnesia Dust from the cannon, and jokes that he hopes they can find their cars.
Derek whispers and wakes up Tess, and tells her he is the Tooth Fairy. She takes him downstairs, where Carly fell asleep on to sofa. She sees Derek in his outfit, and thinks he rented the costume to make up for everything. Randy is there, and Derek apologizes, and tells him he needs to do the Talent Show. They all hurry, but will be late, so Derek tells Carly and Tess to meet them there. Outside, he gives Randy a new guitar, and tells him to hold onDerek takes off and FLIES with Randy to the school. He gets him there on time, and apologizes, and has to hit him with Amnesia Dust.
He is then up in Tooth Fairy Kingdom, and Lily is proud of him, and tells him he is relieved of his duties. He tells her he realized dreams are good, for everyone, not just kids. Tracy is pinned with a tooth-wing pin on his vest and is now a full-fledged Tooth Fairy. He and Derek promise to stay in touch via blogs, Facebook and email. Lily tells Derek that he won’t remember any of it, and dusts him with Amnesia Dust.
He then meets Carly inside the auditorium. Randy performs last, and is awesome. So good, in fact, that other kids come out on stage and join him. The performance and evening is a success. Derek leans over to Carly and asks her, “What if we got married?” He tells her he learned how to say “what if”, and she accepts. They kiss and wave to Randy on stage, and Tess, Derek and Carly are all smiles and very happy. Randy is smiling, too.
Derek is announced as a player for the NHL team, the L.A. Kings; he has moved up to the major league. In the audience, Tooth Fairies Lily and Jerry are watching him play. Jerry is excited to be out of the kingdom, and really wants to know what it would feel like to go at that speed, so he takes some Shrink Cream, and sits on top of the puck. He holds tight, and the puck is hithe flies, screams through the air, and it’s a goal. He loves it. Lily smiles at him, and Derek.
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