Rundown of what happens:
Part 1: Busted's reactions to the meeting with the US label, Matt and James watching porn, Busted busking (acoustic Crashed The Wedding) in Times Square (New York), Busted in a cafe, Popstar magazine shoot at a harbour, Busted in taxi, Busted performing acoustic 3am on Top 40 radio
Part 2: James and Matt go to the toilets in , Matt phones his mum, James phones Kara but there's no answer, Matt and James talking on the roof, Busted in restaurant, Matt and James chat up two girls but James is too young to go clubbing with them, Charlie phones Camilla at 5am (her time)

Detailed overview from mtv.com:
This week we catch Busted immediately after their meeting with Universal Records. The boys are venting their frustration with the label's marketing plan. Always the efficient manager, Fetch attempts to ease their concerns. He points out that if the record label does not listen to their concerns, they can always head home. But for now, the guys have to simply wait and see what happens.

Then it's on to Busted's second day in America. Instead of enjoying the sights of the city, James and Matt are enjoying the sights inside their hotel room--through some X-rated film viewing. As they plan out their day, they feel the options are endless since no one in America knows who the band is yet. So what do the guys decide to do? They pack up their guitars and head to Times Square--to pose as street performers and to sing their UK hits for change. By the end of their performance, the boys have raked in about $3 but they laugh it off.

Having worked up an appetite, they head to lunch with Fletch who informs them about an upcoming photo shoot with POPSTAR! magazine. The conversation quickly turns to how to get booked for big shows like Late Show with David Letterman or TRL. But it seems like the boys have quite a bit of work to do before they can land appearances like that. However, there is a saving grace. Even though the boys haven't gotten on TRL, they were featured on Pre-RL, a segment of the show that introduces videos by new artists. One audience member laments that Busted's video was 'Blink-182 meets *NSYNC.'

That not so enthusiastic review doesn't discourage the guys who, the next day, travel to their cover shot for POPSTAR! magazine. They soon meet the editor, Matt, who is shocked to find the boys don't have a drummer who is a member of the band. But, all concerns aside, the guys enjoy their photo shoot while cruising around New York Harbor.

When the guys return to land, Matt and James goof around in their limo. A dare ensues that threatens to gross viewers out. James chows down on a piece of Matt's scab in return for Matt agreeing to go number two in a CBGB's stall equipped with stains, dirt, flies and no walls.

Highlights:
James taking the piss out of a promoter
Matt and James watching (and laughing at) porn
Charlie puts an egg in Matt's soup, then Matt pours his soup on Charlie's plate of food
Matt bangs his head on the boat
James eats Matt's scab
Matt laughs his head off until Fletch reminds him that he has to take a shit in CGBG's
Matt chickens out of doing the dare
Matt phones his mum and nearly cries again