NOTE: This spoiler sent in by Kristen in Seattle.
Things are going awry in Fairy Tale land. Thanks to the Evil Stepmother (Sigourney Weaver), all the Villains of the fairy tales are going to take over and have things THEIR way.
The kitchen boy/narrator Rick (Freddie Prinze) is in love with Ella (aka Cinderella, voice of Sarah Michelle Geller). Unfortunately, she is smitted by the big brawny handsome (but dumb) Prince (Patrick Warburton).
Her fairy godmother arrives on cue and dresses her up and she's on her way to the ball. The Prince is reading a handbook of what he's supposed to do and when Ella enters the ball, he realizes this is the damsel in distress he is supposed to fall in love with.
Meanwhile up in the tower is the Wizard. He has the means to control all the stories in Fairy Tale Land. He makes sure they don't tip too far one way or the other -- so all the stories come out just the way they're supposed to.
He takes off for a golf trip to Scotland and leaves matters in the hands of his bumbling assistants, Munk (Wallace Shawn) and Mambo (Andy Dick).
The Wicked Stepmother doesn't like that the prince is paying attention to Ella and not her daughters. She figures out something is up and finds her way to to the tower. She grabs the staff of power and tips the balance and suddenly all the fairy tales are going wrong. Red Riding Hood is eaten, Rapunzel is pulled from her tower by her prince and the prince who kisses Sleeping Beauty also falls asleep and so forth.
Ella suddenly turns back into her raggedy self and the prince is so dumb he doesn't even recognize her, but rides off with her shoe looking for her across the kingdom.
Stepmother organizes all the villains in Fairy Tale Land and tells them now they will be in charge. Various wolves and ogres and trolls take over the castle and start partying. Rick serves them and pretends to be their pal, while getting the lowdown.
He goes off to rescue Ella (who got lost searching for the Prince). They find shelter at the home of the Seven Dwarves, and help them shoot the flying witches down.
As they head home on a flying motorcycle/broom, Ella realizes she is now torn between Rick and the prince. Which one will she choose?
Rick and Ella enter the tower, do battle with the Stepmother and overpower her and tip the balance back so things turn out as they should. Ella is shown that she is supposed to marry the prince. But she makes the choice to love Rick instead, in effect writing her own story.
The movie ends with the wedding of Rick and Ella (paid for by the Prince who is happy to see them wed) and the return of the Wizard, who realizes things did not go right in his absence -- yet everything turned out happily.