Emmanuel Lewis plays a latchkey kid who can't get into the Christmas spirit, and Mr. T plays a street Santa who swoops him up and hustles him around town to metaphorically smack the jolly into him. Which was kind of weird, because '80s kids were told that there were three things they were supposed to avoid: crack, strangers and insider trading convictions. In fact, Mr. T himself sang-talk-rapped-mumbled a whole song about avoiding strangers.
So Mr. T and Emmanuel cavort around New York City singing and dancing and admiring Rockette gams. That in itself isn't too strange, because again, it was the '80s. You could have a tone-deaf tree frog where your voice box should be and you'd still have to sing and dance at the drop of a Rubik's Cube. Nothing, however, justifies the vehemence and passion Emmanuel puts into his hip wiggling.
Along the way, they meet Maureen, who DOES NOT PLAY Webster's mom on the show called Webster. Repeat: This redheaded lady with spiky hair is not "Ma'am" from Webster.