Factual error: Sharks cannot "stand" up on the surface of the water like this one does in the end. (01:11:15)
"The" shark attacks Thea Brody, Ellen's granddaughter, and kills one of her friends. Enraged, Ellen steals Mike's boat and sets out toward a showdown to the death with the great white responsible for the deaths of her son and husband. Mike returns to find his and Jake's wives and the shocked Thea. When he realizes that his mother has gone, he sets out on a "rescue mission" with Jake. Mike and Jake find Hoagie (the pilot), and borrow his plane to search for Ellen. Ellen encounters the shark and it attacks her boat, nearly killing her, but Mike, Jake, and Hoagie find her. Mike and Jake make it on to the boat with Ellen, but Hoagie is dragged into the water along with his plane. But no! Hoagie is still alive (though he never does explain how) and crawls onto the boat. Mike and Jake begin putting together an electrical weapon to kill the shark, but before it's completed, Jake is attacked by the shark and dragged off through the red water. Enraged once again, Ellen returns to her near-catatonic state, not responding to Mike or Hoagie. Ellen takes the wheel, and the shark leaps into the air, roaring on its tail for about three seconds (!?). With memories of her husbands face-off with the shark in "Jaws", Ellen speeds toward the shark and plunges the mast of the boat through the shark's jaws, killing it. The boat and the shark explode (!?!) and everybody lands in the water. Surprise! Jake is somehow still alive and rises to the top of the water. Ellen returns to Amity.
Trivia: There are two different endings to this movie. In the first one (released on video and DVD in the US), the shark (inexplicably) explodes after being rammed by the boat and sinks to the bottom in a reuse of footage from "Jaws." When the camera cuts back to the survivors floating in the water, we see that Mario Van Peebles, though badly wounded, is alive after all. In the second ending (which can be seen on American Movie Classics in the US), Mario Van Peebles does not survive his fall off of the boat; when he falls, he lands in the shark's mouth and is killed. Also, when the boat rams into the shark, it does not explode but is more "realistically" impaled, blood pouring from its mouth as it dies. After the survivors are knocked off the boat, there is a shot of ship and shark sinking to the bottom, prow of the ship stuck in the side of the shark.
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