The game starts on April 14, 1942 in London, England. It is the middle of World War II and the Germans have been air raiding for the past two years. Frank Carlson, a former member of the British Secret Service, is sitting in his flat located at 9 Stanley Crescent , trying to pass the time by listening to the radio. As he looks at old memorabilia from the past he starts to remember things, like his old girlfriend Georgia who was also on the Titanic and how he failed his final mission. Just when he starts to think the past is locked away forever, a bomb hits his flat, destroying everything in a blast of fire.
Due to the explosion Frank is flung back in time to April 14, 1912, four days after he boarded the Titanic. Because he was on a mission from the service Frank had instructions to meet with a contact and learn more about his mission. However he never did meet with his contact and he failed the mission, which lead to his release from the service. Frank now sees this as an opportunity to make things right and prevent the war torn future he had lived in. Frank then receives a message from his contact, a P.P., to meet by the electric camel in the gymnasium.
Leaving his room for the first time, Frank makes his way to the gym where he meets Penny Pringle, another agent of the secret service and his boss for the mission. She tells him about the Rubaiyat of Omar Khayyam, a priceless book containing a collection of poems written by the Persian poet, mathematician, and astronomer Omar Khayyam. The book was stolen within the last year and is now believed to be in the possession of a Mr. Zeitel, a German colonel who is traveling on board, and his protégé Willie von Haderlitz, who is headed to America to study Native Americans. Penny wants you to see if they have sent out any telegrams about the Rubaiyat and if it is indeed on board the ship.
Frank eventually finds out that Zeitel does have the book and that he plans to trade the book for a painting from a man named Sasha Barbicon, a rich art dealer. The book is to be given to Barbicon by a Serbian stowaway named Vlad, followed by Haderlitz picking up the painting from Barbicon. Meanwhile Frank runs into his old girlfriend Georgia, who is now married and is quite rich. She seems rather nervous about her husband’s money situation and gives you a diamond necklace for safe keeping. After awhile Frank finally finds the location of the book and through some tricky maneuvers manages to get his hands on it. Reporting back to Pringle, the two agree that the painting must have some importance to Zeitel and they need to find out what it is.
Frank then runs into Georgia again, who tells him that her husband Charles has lost all of his money and that the necklace is the only thing the couple has left. He later finds out that the necklace is in fact fake; Charles gave the real diamonds to Barbicon so that he could sell them and give half of the money to Charles while the other half would go to Vlad, who would use it to fund the Serbian terrorist group the Black Hand.
Outraged that Charles plans to take the money and leave Georgia, Frank sneaks into Barbicon’s room and replaces the real diamonds with the fake ones. Keeping the diamonds to himself for now, Frank returns to his mission and seeks out the painting meant for Colonel Zeitel. After asking some questions and doing some favors Frank finds the painting, which has secret plans for the German army written on the back, and learns that Haderlitz is a spy for Russia, giving German secrets to the Czar. He also had a notebook that was filled with the names of German-backed Communist revolutionaries that he planed on giving to Russian officials so that the traitors could be executed. Frank needs to find the notebook so that the Communists can be identified, thus keeping the Czar in control. Unfortunately, Zeitel found this out as well and killed Haderlitz for betraying Germany . Now both Frank and Zeitel are looking for a notebook on a multilevel ocean liner.
After following clues left by Haderlitz, Frank locates the notebook on top of the forth smokestack. Once he gets there he is confronted by Zeitel at gunpoint who demands he hand over the notebook. During their conversation the Titanic hits an iceberg and rocks the ship violently. Zeitel starts to get angry and frustrated at Frank, who cautiously hands over the notebook. Thanking Frank for cooperating with him, Zeitel shoots and leaves him for dead.
Minutes later Frank wakes up in his cabin to someone knocking on his door and wondering exactly how he got there. He opens the door to find Pringle standing there in a life jacket, telling him that the ship is sinking from its collision with the iceberg. She informs him to regain the notebook and get to a lifeboat anyway he can. Frank then heads off to Zeitel’s room in search of the notebook and finds it, along with Zeitel, who locks him in with a bomb. Disarming it proves no easy task but Frank succeeds and heads up stairs to the lifeboats. After securing a seat on a boat all Frank can do is watch the gigantic marvel slowly slip into the depths below.
While the gameplay ends when the ship sinks, the game itself does not. Depending on how well you played the game, one of eight possible endings will be shown. The ending shown is based on the fates of the four main items you need to collect: the Rubaiyat, the real diamond necklace, the painting, and the notebook. Leaving the ship without all of the items or letting them fall into the wrong hands will leave you with a less than perfect situation. All eight endings are mixtures of the following things:
1. If you fail to get either the Rubaiyat or the necklace, World War I happens.
2. If you fail to get the notebook, the Russian Revolution happens.
3. If you fail to get the painting, World War II happens.
Various endings include a Communist Germany taking over all of Europe, a Soviet Russia turning Europe into a Soviet Socialist Republic , and a Nazi Germany that is atomically powered, among others. If you don’t collect any of the items the future remains unchanged and 1942 is the way it was at the beginning of the game. The best possible ending is when all three events never take place. The world enters a time of unrivalled peace and prosperity, and Frank ends up retiring after a very successful career in the secret service.