Spider-man is about a man with magic spider-themed powers who puts on a suit and uses his powers to fight crime. For some unclear reason, his suit is red and blue, which are not really colors that spiders are.
The crimes are currently being committed by someone called the Kingpin, whom we know is evil because he sells drugs, hires people to murder people, and forces women into slavery the type of which is not made clear. (Lev makes a disgusted noise at this.) The Kingpin is mad at Spider-man because Spider-man arrested him last movie. He has hired someone called Kraven the Hunter, the greatest hunter in the world, to try to kill Spider-man. Spider-man is apparently the Most Dangerous Game, presumably due to being a person with magic spider powers. (Lev makes a disgusted noise at this.)
When he is not wearing an inexplicable red-and-blue costume, Spider-man spends a lot of time doing things that are often incomprehensible to Jing Yi but generally seem meant to convey that he is broke, constantly humiliated, and forced to choose between fighting crime and having Literally Any Good Things In His Life. His boss yells at him constantly and runs newspaper stories about how Spider-man is a MENACE who is DESTROYING THE CITY. There is also a lingering thirty-second shot of an odd candelabra with nine slots. (Lev makes a disgusted noise at this.)
When he is wearing a costume, Spider-man says a lot of incomprehensible things that make Lev laugh. He also talks a lot about how With Great Power Comes Great Responsibility.
Spider-man is dating Mary Jane. Mary Jane doesn't know that he's Spider-man and worries that he doesn't like her because he keeps missing his dates due to e.g. having to keep Kraven from destroying the city. (The city is carefully unnamed and has no distinguishing landmarks.) Also, at the climax of the movie Kraven kidnaps her and then Spider-man has to rescue her. You know that Mary Jane and Spider-man are in love with each other because they keep saying "I love you." The movie presents no other evidence of this claim.
This obligatory romantic relationship is in contrast with the sizzling level of sexual tension between Spider-man and the freelance mercenary Deadpool, who wears a red outfit and has two swords and used to work for Kingpin but is now freelance and occasionally helps Spider-man out. Spider-man and Deadpool are forever gazing lingeringly at each other, pinning each other to walls in anger, getting tied up together, giving each other tender and romantic gifts of pizza, hanging out on rooftops talking, and arguing in a way that makes you think they're going to start making out as soon as the camera gives them some privacy.
For the last thirty minutes of the movie, lots of things blow up and lots of people jump out of windows and climb on top of buildings and destroy expensive buildings and hit each other. It is extremely pretty. We are informed that mysteriously no one died even though definitely some people died [citation: physics]. (Lev makes a disgusted noise of this.) Then Deadpool disappears with a callback to an earlier conversation and Spider-man and Mary Jane chastely kiss. This is a second piece of evidence that they are in love with each other.