Everyone except Monica knows that Chandler is about to propose. He plans to do it at Monica's favorite restaurant, but they bump into Richard there, which derails his plans. Returning home, the rest of the gang almost blows the secret, and Chandler decides to act like marriage is the furthest thing from his mind, so Monica won't get suspicious. Rachel takes Phoebe and Joey to a charity event which her boss is hosting. Phoebe drinks a lot; Joey thinks the silent auction is just a contest to guess the right price, and he ends up buying a sailboat for $20,000. Rachel convinces the second-place bidder to buy it, but she also convinces Joey to keep it, in the process. A dorm-room water-balloon fight shows Ross that his relationship with Elizabeth doesn't have a future, so he breaks up with her.
Monica: Ross, let me ask you a question. All jokes aside, where is this relationship going?
Chandler: Wait a minute! All jokes aside? I didn't agree to that!
Chandler: Oh, that's Richard!
Monica: Oh gosh, maybe he won't see us. [shouting] Richard!
Ross: Okay, honestly, no. I... I don't see a big future with her.
Monica: Okay, well, I think that's your answer.
Ross: I gotta talk to her. Ugh, I hate this part.
Chandler: Hey, you have to forget about Elizabeth. I mean, if you're not careful, you may not get married at all this year!
Rachel: Okay, this: "The Mr. Bowmont."
Mr. Bowmont: I don't think so, dear.
Rachel: Okay look, let me paint you a little picture. All right, you are settin' sail up the Hudson! You've got the wind in your h...arms! [Mr. Bowmont is bald] You... you get all that peace and quiet that you've always wanted! You get back to nature! You can go fishin'! You can... oh! You can get one of those little hats, and have people call you, "Captain," and then when you're old, "Cappy."
Mr. Bowmont: What the hell! It's for a good cause! All right!
Joey: No way! It's mine!
Rachel: What? What?
Joey: All that stuff you just said? I want that!