In an island world called Volcano Island, a crab named the Wise Old Crab and his two minions are gathering around a ritual at Summoner's rock to summon nine heroes to defeat their enemy, the Mawgu. However, the Mawgu breaks the circle of summoning, scattering the nine heroes. Where the Wise Old Crab is, SpongeBob and Danny Phantom end up. The Wise Old Crab tells them the story about the Mawgu escaping from his prison and seeking vengeance. The Mawgu has created a terrible ooze corrupting all that it touches, as well as who and what touches it. According to their legend, the "Chosen Ones" can rescue everyone from the Mawgu Ooze.
SpongeBob and Danny fight the Mawgu's minions, finding Timmy Turner, Danny's friends Sam Manson and Tucker Foley, and SpongeBob's friends Sandy Cheeks, Squidward Tentacles, Patrick Star. They find one of Jimmy Neutron's communication devices, learning that the Mawgu's interruption of the ceremony left Jimmy back in his lab. Jimmy also reveals that the rift above the volcano is siphoning energy from Retroville, Bikini Bottom, Dimmsdale, and Amity Park, to power up the Mawgu; if this continues for too long, it will suck up their worlds and destroy the multiverse.
Using Jimmy's blueprints, Tucker sends the rest of the heroes to collect parts for a Rift Zipper, to seal the rift and stop the Mawgu. Once completed, the eight heroes enter the volcano and travel up into the rift, where the Mawgu awaits them. Sam, Tucker, Sandy, Timmy and Patrick keep the Mawgu busy while Danny, SpongeBob and Squidward ascend to through the debris sucked in from the other worlds, to the rift's core. The devices drains the Mawgu of his strength, allowing the closing rift to seal him forever.
The heroes then depart through a portal open by Jimmy, so he can send them back to their respective worlds once back in Retroville.
In an unfavorable Ign review by Micah Seff, for the PlayStation 2 version, gave 4.2/10 stars calling it a "shameless ploy designed to trick children into buying a game merely because it features characters whom they already know and love." However Micah Seff did say that the game had "Good voice acting" and "passable music." In the Game Boy Advance Ign review, Jack Devries gave the game a positive 7/10 praising the Gameplay and Graphics. Metacritic gave the PlayStation 2 version 59%, the Game Boy Advance version 69% and the DS version 59%.