Old Loki, imprisoned in Asgardia by the All-Mother, easily steps out of his cell and into a legend from the distant past. Loki encounters a young and naïve Odin and joins him on his journey. They come upon a giant otter and Loki shocks Odin by quickly killing it, roasting the meat for dinner and turning its hide into cloaks for them both. They come to the inn of Hreidmar of the Vanir and his three sons. They await their brother Otr the Changer of Shapes, then recognize his skin as forming the cloaks of the two visitors. They demand a ransom in gold for his life. A guilt-ridden Odin stays behind as hostage while Loki goes for their gold. The God of Evil tracks down the dwarf Andvari who guards his hoard of treasure in the form of a giant pike. Loki blasts the monster with a rocket launcher and presents the cursed gold to the bereaved family. The two gods continue their journey with Loki asking Odin to build for him a box with five locks. Back at the inn, the dwarf’s curse brings out the true natures of the brother Fafnir, who kills his father and brother and runs off with the gold. The greedy Fafnir dwells with the gold so long that he is slowly transformed into a giant dragon, while Regin who survived forges a mighty sword to exact vengeance against his brother when he finds him. Eventually Regin meets Sigurd the Ever-Glorious and promises him the sword if he will slay Fafnir and return with his heart. He does, and does. Sigurd and Regin roast the heart and eat of it and Sigurd learns the speech of birds, one of which warns him not to trust his host. Sigurd kill Regin with the sword of truth and departs….
Over the years, Bor dies, Sigurd flees Asgard leaving the sword behind, and Loki comes and request that Odin place the sword in the box he had made, to allow its legend to grow….
In the present day, Sigurd scales a mountain to recover the sword from a remote cave and discovers that Loki has beaten him to it. He plans to steal it back….