So the sequence starts with Loki imprisoned in the "Hulk cell," and thanks to his power of manipulation, the various Avengers are in the middle of a major feud. Hawkeye and some pawns approach the Helicarrier in a Quinjet. I'm assuming the pawns are mind-controlled SHIELD agents because they got clearance to land. Hawkeye shoots an extremely well-placed arrow that blows up one of the main engines of the Helicarrier, and we're off to the races.
-In the explosion, Banner and Widow fall through the floor to that engine-looking room we've seen shots of, with Widow's leg trapped under a pipe. She reports that they're fine...and then she notices Banner's getting a bit stressed, so she starts trying to calm him down.
-Fury tells Cap and Iron Man (who had just been at each others' throats) they need to get to the outside of the Helicarrier to try and fix that engine. So they go do that (which is extremely perilous, because there's a big gaping hole on the side of the ship that only a super-soldier would be able to maneuver around).
-Meanwhile, the henchmen are infiltrating the Helicarrier, and Fury, Hill & Co. are defending the bridge.
-Banner Hulks out, next to a TERRIFIED Widow (Scarlett really sells this). They have their chase sequence you've seen a glimpse of, and right when he has Widow cornered, Thor flies him through a wall. He tries to reason with Banner, but the dude's in full-on rage mode now, and takes him on. The two of them battle throughout several rooms/decks of the Helicarrier.
-While Fury and Hill have successfully re-secured the bridge, they notice the destruction Thor v. Hulk is causing. They also notice Hawkeye (I think?) making his way toward Loki's holding cell. Fury orders Widow (who is still in a state of shock over her Hulk encounter) to go take care of Hawkeye. Hill orders one of their jets to fly around the outside to the room Hulk/Thor are currently destroying and try and distract Hulk and keep is attention. "But don't get too close."
-So the fighter jet flies around and starts shooting through the windows at the Hulk. Guess what, he got too close. The Hulk comes flying out the window, successfully lands on the jet and just starts mauling it in mid-air. The poor pilot is scared s***less and ejects....but Hulk catches him (one of those great "OH S***!!" moments). Thankfully, he just tosses him sideways and destroys the plane, leaving him falling from the sky. That's Hulk's great exit from the sequence, lol.
-Meanwhile, Cap and IM are trying to fix this engine, with hostiles baring down on them. IM's doing most of the fixing while Cap is fending them off. IM needs Cap to flip a lever at a certain time so that he doesn't get caught in the rotor. Cap's gonna have a hard time doing that, and the Helicarrier starts losing altitude.
-Thor approaches Loki's cell just in time to see Loki walking out of it. He tries to tackle it only to reveal it was one of Loki's projections - the real Loki is already free, and he closes the cell door with Thor inside it, asking, "Are you ever going to stop falling for that?" Then he says, "These people think us immortal, brother. Let's test that theory, shall we?" As he's about to hit the button, Coulson shows up, with a new shiny weapon. He says he doesn't even know what it does. He's about to test it on Loki when he gets stabbed from behind...by the real Loki. Another projection. Thor screams "No" like in the trailer, and with that, Loki hits a button that sends the Hulk-proof cell with his brother inside plummeting toward the earth. A dying Coulson tells Loki he's going to lose. Loki doubts this and asks how he could possibly lose at this point, and Coulson replies it's because he "lacks conviction." Then he fires the weapon, which sends Loki flying through the wall. "So that's what that does."
- Black Widow finds Hawkeye and they have a pretty well-choreographed fight that ends with her knocking him out.
-Thor is using all of his might to break out of the cell as it's spinning wildly and crashing toward the earth. He finally does it just seconds before it shatters against the ground, and he goes flying out sideways, skipping across the terrain (that's how he ends up in the cornfield).
-Loki and his one or two leftover henchmen escape on the Quinjet Hawkeye & Co arrived on.
-Cap finally gets to the lever which slows the rotor enough for IM to get out of it (really beaten up), and the Helicarrier finally stops losing altitude. Catastrophe somewhat averted, group in shambles. End of sequence.