The story begins with stocking asking panty if the mail has arrived yet only to find panty banging the mail man. the mailman gives stocking her package before panty asks to keep giving her his package stocking leaves. Panty, after fucking the mail man asks what stocking got stocking reveals a perfume panty naturally doesn't care until stocking says she smells like a barn animal then she tries to take it but stocking won't let her have it unless she goes to the party that she received an invitation to. (she also got an invitation with the perfume.) Panty and stocking arrive at the party then the host arrives, Fatty Skatole Panty says he looks like a clown rapist and leaves repulsed by his appearance Fatty then goes to stocking and tells her about his new perfume he says is just for her before revealing his ghost form and having all the females at the party blinded by his smell which they think smells good. We cut to panty having sex in the bathroom she has the perfume and uses it on her crotch to make it smell good, but when her partner of choice takes off her panties he passes out from how bad they smell. Panty is curious why she smells so bad when it's revealed that garterbelt was in the stall next to her. Garter tells her about Fatty's ghost ability to prey on women's insecurity that they smell bad and to make perfume that makes himself smell good. Garter tosses panty stocking's stockings which he was planning to use as toilet paper but they are needed. (Stocking wore her fishnets to the party.) Panty puts the perfume bottle in stocking's stockings and it bonks her on the head snapping her out of Fatty's trance after she smells how bad he smells she uses her swords to cut up Fatty. Garter then comes out of the bathroom and talks to the sisters about the lesson they should learn from this but they ignore him. The chapter ends with Garter saying that heaven doesn't want panty and stocking but neither does hell because hell is afraid panty and stocking will lower their property values.
The chapter's title is a reference to the American film, Eyes Wide Shut.
In this chapter it's revealed why panty and stocking aren't in hell (Although this is an alternate dimension to the main series so this explanation may not apply to that)