In this tongue-in-cheek movie inspired by Poe's poem, Dr. Craven is the son of a great sorcerer (now dead) who was once himself quite skilled at that profession, but has since abandoned it. One evening, a cowardly fool of a magician named Bedlo comes to Craven for help- the evil Scarabus has turned him into a raven and he needs someone to change him back. He also tells the reluctant wizard that Craven's long-lost wife Lenore, whom he loved greatly and thought dead, is living with the despised Scarabus.
Zombiefied sailors guard the treasure of a ship they went down with 60 years earlier. A group of sailors scoff at the legend, and decide to retrieve the diamonds from the ocean floor only to discover the hard way that there is some truth to legends.