Daffy Duck and Speedy Gonzales find a treasure map that leads them to a wishing well, which for a penny will grant any wish (through old cartoon footage). Daffy sets up a resort around the well and various Looney Tunes characters have their dreams come true. Meanwhile, Yosemite Sam and the Tasmanian Devil hunt for the varmints who stole their treasure map!

Bugs Bunny hosts an award show featuring several classic Looney Tunes shorts and characters. This movie was released in 1981 by Warner Bros. and was produced by Friz Freleng. New footage was one of the final productions done by DePatie-Freleng Enterprises (also known as Marvel Productions beginning in the 1980s) and the film was re-released in the USA on April 28, 2009 from Warner Home Video.