When Sam Tully sees the free-spirited horse Lightning Jack, he dares to ride him. Together they muster a herd of steers into their stable, escape a grazier's deal and fly into the air with Pegasus wings. Then when they are ambushed by the notorious outlaw Ned Kelly, Lightning Jack leaps out of trouble and back to the wilderness. But then Sam can't resist a race and rides Lightning Jack against the ghost of Phar Lap at breakneck speed ... Sam's horse is a gallant horse, a midnight horse, a horse in every dream.