Plot: Shrek (Mike Myers), who now has three kids, Fergus, Farkle, and Felicia, is tired of having the doing the same thing everyday. He wishes he could be a real ogre again when people were afraid of him. After having an angry meltdown at his kids' birthday party, he meets a little man named Rumpelstiltskin (Walt Dohrn), who offers him a deal where he can be a real ogre like he used to be for one day, as long as he takes one day back from his life. Shrek agrees, and at first enjoys it, but he then realizes that he took back the day he was born, and Rumpelstiltskin tells him that when the day ends, so will he (Shrek). Now Shrek must find Fiona (Cameron Diaz) and share True Love's Kiss before sunrise in order to get his life back.
Alternative Plot: Long-settled into married life and fully domesticated, Shrek begins to long for the days when he felt like a real ogre. Duped into signing a contract with devious Rumpelstiltskin, he finds himself in an alternate version of Far Far Away, where ogres are hunted, Rumpelstiltskin rules, and he and Fiona have never met. Shrek must find a way out of the contract to restore his world and reclaim his true love.