Kevin strolls by on his bike minding his own business, but falls victim to the Eds' "Crazy Ed's Custom Hot Bikes" scam. The test drive of the lowest quality, good-looking bike fails quickly, when it breaks up in the middle of the ride and injures Kevin. He vows to seek revenge on the Eds for the trouble they've caused to him.
As the Eds are perusing over what went wrong, Ed spots a balloon. He eagerly wishes to pursue it, as does Edd, who is moved spiritually by it. Eddy has a desperate urge to pop it. They begin to head through obstacles to catch it, running through the lane to reach up and grab it. After carelessly smashing into a tree, they detour through Rolf's farm, knocking over animals and trapping a shocked Rolf under his cow.
Their ventures take them through the playground, where they attempt various slapstick methods to capture the balloon. As they leave, Kevin can be seen chuckling evilly, hinting at his involvement in the situation. Next, Sarah and Jimmy are seen acting as a flight crew on their fake airline imagination, with Jonny as a passenger. The Eds enter and rummage through the chairs, angering Sarah and Jimmy.
The Eds fling themselves and Nazz at the balloon, but end right back up in Sarah and Jimmy's flight. Sarah casually retrieves the balloon but has a difficult time in hers and Jimmy's effort to pop it before the Eds retake possession of it. Without warning, the balloon pops after a fight, angering Eddy and disappointing Ed and Edd.
Their lamentations end quickly when Kevin can be seen letting loose another balloon from his helium tank, distracting the Eds a second time. Kevin has sought his revenge in the form of humiliating the Eds.
Very shortly after Ed picked up and threw Edd towards the balloon, Edd is standing next to Ed and Eddy again, without visible signs of injury or any indication of what had just happened.
When Jonny receives his lunch, he is not wearing his seat belt. When the camera pans out, Jonny is wearing it.
The lunch plate has a piece of cheese on the left side, and three beans to the right. When the camera pans to Jonny and Plank, the food items switch sides, despite Jonny not having touched it.
The title of this episode is a reference to the Superman phrase, "Up, Up and Away."
The scene where the Eds run through Rolf's farm to catch the balloon has been used in a commercial on Cartoon Network.