After a secret meeting with Lionel, Lana is shot at the Daily Planet by a mysterious gunman. Jimmy is knocked out while studying photographs of the scene and dreams about a 1940, black-and-white version, of Smallville. Jimmy finds himself playing the role of a reporter with Chloe his secretary, and a bumbling Clark also works there, as his sidekick. Jimmy's investigation leads him to Lana, who turns out to be a very evil femme fatale who plans to orchestrate the murder of her tycoon husband Lex by using Jimmy as the patsy. Jimmy's research further takes him to a notorious nightclub owned by Lionel Luther, and Lois is a sultry singer working at club who is having a fling with Lex to help him orchestrate the murder of Lana. Meanwhile, back in 2007, Clark discovers why Lana married Lex after Chloe learns it from Lana. Also, Lois further meddles in the shooting case by stealing a silver-lined cigarette case which holds a clue.

Despite his father's warning, Lex still finds himself in a power struggle from within over the secret to The Traveler...with some deadly results.