- Flashback: Norway, 965 AD. An army of frost giants arrives to make life miserable for humans everywhere.
- The noble Asgardians arrive to fight alongside humanity.
- Together, they push the giants back into their home realm of Jotunheim, where Asgard's King Odin (Anthony Hopkins) compels the surrender of the frost giant king Laufey (Colm Feore), and takes the source of their power: a glowy blue box.
- The Asgardians return home for some much-deserved drinking and carousing.
- Odin explains to his sons Thor and Loki what happened with the frost giants, while giving them some keen pointers on being a good king.