Peter and his friend, Tony, meet with Chandler and Joey about their entertainment unit, which the latter two are trying to sell. In an odd coincidence, Tony had at some point prior to this conversation built a canoe, which Peter, for some reason that was never explained, had become desperate to get rid of in the same sort of way that Chandler was desperate to get rid of the entertainment unit. Peter tries to convince Chandler to trade the unit for their canoe. Tony refuses this deal, exclaiming "I built that canoe!" and storms out, creating a parallel between the two of them and Chandler and Joey.
Eventually, Chandler and Joey do end up taking the canoe from Tony and Peter after their apartment is robbed. It is not stated how they get it.