Stemming from the events of WrestleMania IV, the main even of SummerSlam 1988 was The MegaPowers vs. The Mega Bucks. The guest referee for the match was Jesse "The Body" Ventura. The match was a back and forth affair with both sides taking the lead in offense at some point. Ventura laid down the law early in the match and took no guff from anyone involved. At one point in the match, Andre the Giant single handedly cleared the ring of the MegaPowers. This prompted Elizabeth to quickly get onto the ring apron to buy her men some time to recover. This, as can be expected, brought Bobby Heenan and Virgil up to the ring apron as well. Jesse, at this point, had lost control of the match. As he tried to regain control, Elizabeth shocked the world and tore off her dress in front of 18,000 people at Madison Square Garden! Dumbfounded, the only thing Andre, DiBiase, and the others could do was stare as Elizabeth paraded up and down the ring apron. With DiBiase in the palm of her hand, Liz flung her dress in his face. Savage and Hogan attacked from behind and scored the pin on the Million Dollar Man.
Elizabeth quickly ran in the ring to celebrate her victory and ran into the arms of Hulk Hogan and gave him a hug. Randy, who had been celebrating in the corner, turned around and saw this and was none to happy with Hogan hugging Elizabeth. Liz, unaware of Savage's feelings, hugged him in celebration as Randy, still bewildered, shook Hogan's hand. What had seemed to be such an important victory for the team would later become "evidence" in the future explosion of the MegaPowers at WrestleMania V.