The film starts with a showing of the 1958 award-winning cartoon Knighty Knight Bugs before going into its opening credits. This is followed up by Bugs narrating how Looney Tunes and Merrie Melodies immediately replaced baggy-pants comedy before introducing us to “a warm-hearted humble little introvert called Yosemite Sam”.
Act 1: Satan’s Waitin’
Yosemite Sam courts Granny with evil intentions for the $50,000,000 she has inherited, but Bugs overhears his scheming and thwarts Sam under the guise of another suitor and later Granny herself. In the end, Sam dies after being crushed by a safe that Bugs drops on him and lands in Hell. Satan offers to give Sam another chance in life provided he sends someone in his place. Sam agrees to this and, as a Roman guard captain, an Arab, and in his usual cowboy guise, attempts to kill Bugs. His attempts are unsuccessful, but when Satan keeps offering him one more chance, Sam refuses, stating Satan should get the rabbit himself and decides to stay.
Act 2: The Unmentionables
Bugs Bunny explains about cops and robbers, as well as gangster films. In Act 2, there are three cartoons dedicated to the gangster character, Rocky.
Immediately after becoming a police detective (with the codename “Elegant Mess”), Bugs is captured by Rocky and his gang, who try to drown him. Bugs promptly escapes that and then infiltrates Rocky’s birthday party that night, disguised as a showgirl. Rocky soon sees through Bugs’ disguise and, accompanied by Mugsy, chases him into a cereal factory, where Bugs traps the pair on the cereal manufacturing machine. Afterwards, he brings Rocky to court, but thanks to some manipulations and obfuscating legalese by Rocky’s sleazy and unethical lawyer at his trial, the mobster is free to go.
Bugs has problems finding Rocky’s new hideout until word breaks out of farmer Porky Pig’s golden egg, which was apparently laid by Daffy Duck. Upon reading of this, Rocky and his men capture Daffy and demand him to lay a golden egg. He eventually does after Rocky shoots him in the head, and is then ordered to lay more to fill up their collection of egg cartons. Bugs and the police suddenly bust in and arrest Rocky’s troop. But another law loophole sets Rocky free again.
Rocky then captures Tweety and holds him for ransom, and Bugs appoints Sylvester to find Tweety and pins a badge on his chest leaving him yelping in pain. Sure enough, the pussycat finds Tweety in Rocky’s hideout. After several failed attempts by Sylvester to free Tweety, the police arrive and surround Rocky’s hideout. Sylvester ends up being hailed as a hero for having seemingly rescued Tweety, and Bugs brings Rocky to justice, but is forced to go to jail with him and Mugsy (who was likely arrested too) because he lost the keys to his handcuffs.
Act 3: The Oswalds
In the third and final act, Bugs introduces the Oswald Awards, an award ceremony created by Friz for animated characters. He then hosts the ceremony himself, announcing the nominees – the Wolf from Three Little Bops, Sylvester & Tweety and himself. During Bugs’ show, Daffy talks to an impressed Yosemite Sam, who then yells at him to shut up, which sends Daffy right into Granny’s arms who glares at him and an angry Sam. After Sylvester and Tweety’s performance, Clarence devours Tweety, and Sylvester and Granny both grab Tweety back from him. In the meantime, Daffy continually gripes about the fact that he has not been nominated. When Bugs wins the award, an infuriated Daffy challenges Bugs to a talent showdown. Bugs seems to have the audience’s favor, but Daffy ultimately wins their applause by blowing himself up. Bugs gives the now-ghostly Daffy the award, with the duck responding, “It just goes to show you, you gotta kill yourself to win an Oswald in this town!”
“That’s all Folks!”
There was no outro/send-off for this film, because after the third and final act, Bugs, at first, does the “That’s all Folks!” send-off, but then Porky tells Bugs that it was his line. Bugs then allows Porky to do the send off, but sadly, before he could do the chance, the Iris-Door used in the opening credits, instantly closes on him, Porky just grumbles and says, “D-D-Dirty Guys” as the film fades out.