A man travels to a nearby city for a job interview, only to arrive with hours to kill beforehand. He decides to waste time at the nearby art cinema theater and watch "Loup-garou," a bizarre French production with only a handful of people in the audience. As the film starts, however, he finds himself bizarrely enraptured by a tale that resembles his own life. The love interest is a dead ringer for his beautiful blond wife, Yvonne, and the protagonist shares his quirks.
These similarities become haunting when the film ends in horror. The love interest sleeps with another man, and the protagonist transforms into a wolf, murders them both, and hangs himself. Shaken, the man struggles through his interview and returns home to recount the experience. The film becomes an inside joke between his wife and friends, but he nonetheless searches for another copy for years, determined to show Yvonne the haunting parallels.
When he finally secures a pirated disc, he's surprised to find the film nothing like he recalls. The love interest is now an unfamiliar dark-haired woman, and in the climactic scene, it's her other lover, not the protagonist, who transforms into a wolf and kills them. Disturbed by his flawed memory, the man goes upstairs, only to be greeted with a shock - blond-haired Yvonne has been replaced by the dark-haired stranger.
Believing he's gone mad, the man struggles to act normal around his unfamiliar new wife. However, his thoughts quickly become consumed by a destructive rage and an inclination towards suicide.