The Molemen from "Menace From the Bottom of the World" are stealing buildings again, taking back the sun, wealth and land that they feel should rightfully belong to them.

Thousands of years before the dawn of civilization, evil magicians were fighting for supremacy - and Kotep, the Scarlet Sorcerer, was the most aggressive of these. When he loses a battle with an opponent, his own demons turn against him and place him in a time suspension. Six thousand years later, he is an exhibition at the museum where Peter is taking a course. The professor teaching it has found a spell that can supposedly revive the sorcerer, and when it is tested, Kotep does indeed come back to life - and turns on the professor. When Peter and his fellow students hear a loud crash, they run in to discover Kotep and a demon slave, who come after them. Peter turns into Spidey and goes after Kotep, who sends his demon after him. When Spidey injures the demon, Kotep vanishes from the museum and plans to set a trap using a huge web suspended between skyscrapers. Meanwhile, the injured professor tells his students a secret to stop Kotep - his scepter must be taken away from him, as he is powerless without it. Spidey finds himself trapped in the giant web, but not before his friends Bob and Susan inform him how to stop Kotep. He comes to in Kotep's domain, thousands of years before. Making his way to Kotep's castle, he finds himself trapped by the scarlet sorcerer, who sends a giant spider after him. Remembering what Susan had yelled at him from the street, Spidey gets Kotep's scepter and destroys the spider. He then drops the scepter, which shatters, and Kotep and his legions of demons must go back into the depths of time.