Not Waving But Drowning is a chronological look at growing up, formed from two different stories. The two sets of friends represent the American dilemma between what you have known and what you hope to know; the tear between longing for the past and the desire to explore.
When their father passes away, four grown, world-weary siblings return to their childhood home and are requested — with an admonition — to stay there together for a week, along with their free-speaking mother and a collection of spouses, exes and might-have-beens. As the brothers and sisters re-examine their shared history and the status of each tattered relationship among those who know and love them best, they reconnect in hysterically funny and emotionally significant ways.
Wallace, a medical school dropout, has been repeatedly burned by bad relationships. So while everyone around him, including his roommate Allan, seems to be finding the perfect partner, Wallace decides to put his love life on hold. It is then that he meets Chantry, an animator who lives with her long term boyfriend Ben. Wallace and Chantry form an instant connection, striking up a close friendship. But there is no denying the chemistry between them, leading the pair to wonder: what if the love of your life is actually your best friend?