Last issue, Spider-Man tried to bring in Deadpool for destroying an apartment building in Harlem. Spidey isn't aware that 'Pool has been framed. Another individual hunting Deadpool - The Punisher - interrupts their conversation with a headshot that disintegrates Deadpool's head.
This issue opens up with a "Wizard of Oz" themed daydream. Deadpool is Dorothy (don't ask). Daredevil is ironically the Cowardly Lion. Punisher is The Tin Man. Spider-Man is the Scarecrow. They encounter a munchkin which the Punisher immediately kills with another head shot.
This wakes Deadpool up from his coma. Daredevil explains that he was brought to an empty room in the Essex House courtesy of Spider-Man. They have waited patiently while his healing factor regenerates his head. While Deadpool gains his bearing, Spider-Man steps forward to bust his chops. Deadpool begins to critique the members of his rogues gallery. They cross into movie references as well, Spidey claims that he's unbeatable in this area. Try as he might, Daredevil can't get them to shut up and check the list of possible addresses for Tombstone. He eventually leaves them a copy of the list to check when they finish the smack talk.
Tombstone is aware that the three stooges are looking for him. He goes to The Hood and rents some of his henchmen in the hopes that he will eliminate the trio.
The Punisher and Henry listen to the police reports and eventually learn of Deadpool's miraculous resurrection. He arrives at a strip club that is frequented by Tombstone's henchmen. He announces his intentions and states that he won't leave until somebody gives him the information he wants. He also states that he can make his $100 roll of singles last a long, long time.
At this point The Punisher arrives and begins shooting up the club. Their fight moves outside and becomes very heated. In retaliation for driving his face into the pavement, Punisher bites Deadpool's nose off. While Deadpool's healing factor regrows his nose, he and Punisher find themselves in a Mexican standoff.
Henry runs a bio-scan on Deadpool when he tells Punisher that he didn't kill the people in the apartment building. Henry informs Punisher that his instruments indicate that Deadpool's heart rate is unchanged; he may be telling the truth. Punisher decides to work with Deadpool and get to the bottom of this once and for all. With his nose regrown, Deadpool explains that Tombstone is responsible for this and they set out to find him.
After a few false starts, they find come upon Peter Wu, one of Tombstone's regular gamblers. Pulling a reversal on the good cop/bad cop routine, Punisher tries to reason with Wu; Deadpool shoots him in the leg. When the Punisher asks why he did that, Deadpool responds, "Because you were gonna do it and it's my book". Deadpool then convinces Wu to call Tombstone, which allows Henry to get a fix on his cell phone.
Tombstone is involved in a wild pig fight with his associate Lobotomy. The fight has just concluded when Deadpool and Punisher arrive. Lobotomy and his gang are eager for a fight and attack them while Tombstone leaves. Punisher instructs Deadpool to go after Tombstone while he takes care of the gang.
Once outside they steal some motorcycles and continue the chase. Deadpool is singing Steppenwolf's "Born To Be Wild" during this time. Tombstone creates a smokescreen with the exhaust, temporarily blinding Deadpool. When he can see again, he is about to collide with a semi-truck.
At the last moment Spider-Man saves him, pulling him off the motorcycle. Deadpool complains about the sudden underwear shift to "thong" while they continue to follow Tombstone. Spider-Man explains that he planted a spider-tracer on him and was able to find him again. Their pursuit ends under a bridge where Tombstone is waiting for them - with the Wrecking Crew.
One of the plot points that went unresolved was the moving of Deadpool to a relatively secure location to regrow his head. (We will ignore the fact that the severity of the wound should have prevented regeneration.) It was never made clear how Daredevil found them, whether or not Daredevil helped Spider-Man move Deadpool, or if Spider-Man knew about Deadpool's healing factor.
This is a minor complaint, but I am simply surprised that it was not addressed given that other story elements work very well.
4 webs. The Deadpool/Spider-Man scenes are of course the high point of the story. Their interaction is hilarious. They thankfully limit their scenes to prevent the story from accidentally shifting from a Deadpool story featuring Spider-Man to an audition to write Amazing Spider-Man.