At the end of the last issue we found out that the ray gun that Tim stole from Dr. Baron von Physics actually didn't vaporize the three people Tim "killed" with it, but rather sent them to an alternate dimension. As far as our protagonists know, however, they are dead.
The murder tally is brought up by two today, but for real this time. Tim goes after his sort-of arch-nemesis hero, Rainbow Boy, to take the key to the city away from him. Rainbow Boy gets mad at Tim and accidentally
Jonah Hexes his eye. In a rage Tim uses the key to the city to bludgeon Rainbow Boy to death and leaves him and his rainbow blood pool on the floor of his kitchen, heading to Sparky's place.
Sparky has his own troubles. His mentor (?) Big Blue (who is the most obvious send-up of Dan Garrett as Blue Beetle, he even has beetles on him lol) knows what Tim has done, and how Sparky and Capt. Battle Junior helped cover for his "murders." When Big Blue tries to cuff Sparky, he panics and electrocutes Big Blue, who falls and impales himself, dying instantly. Tim shows up to freak about how Rainbow Boy fucked up his face, but Sparky is in some deep denial about how Big Blue is dead. After freaking out about what they should do, Tim tapes an oven mitt to his face to cover up the damage. Then he readies the ray gun.
In the alternate universe, Black Terror (Tim's mentor) and Blue Bolt (some dude they "killed" in the last issue) are heading back to base together in a world of disgusting creatures. Dr. von Physics is working on a way to send them back to the real world. But Black Terror kind of likes it there. The horrible creatures treat him like a king and bring him booze. However, they are interrupted by a new arrival: Big Blue's corpse. Seeing as Big Blue and Black Terror were good friends, he resolves to go back to the real world and end Tim's murderous rampage.
Captain Battle Junior, who is a complete and literal idiot, is called out to a dump or something by Tim and Sparky-mostly Tim, as Sparky has kind of lost his marbles. Tim asks if he's with them or against them as we cut to the mayor in bed, wondering where "Warren" went.
Turns out "Warren" is Rainbow Boy, and he walks in on Rainbow Boy's bloody corpse in the kitchen.