Vicky Velcro was the founder of "Waffle Co.", whose primary product was the "Liquid Waffle". However, due to the popularity of protagonist and superhero, Powdered Toast Man, who sponsors his own breakfast alternative, her profits began to dwindle. To eliminate this new competition, she becomes the super villain "Waffle Woman".
She challenges the hero to a battle, and threatens that if he refuses to show, she'll destroy the television of Little Johnny; a boy that Powdered Toast Man had previously let down, by failing to let him meet the United States president before his nap time. The hero shows, and the two have a violent battle that results in the destruction of buildings, cities and countries. Just when it looks like Powdered Toast Man has lost, however, he manages to crush the giant waffle iron which gave the villainess her powers. Waffle Woman is then reduced to a liquidy puddle, but nevertheless manages to escape justice.