Daffy Duck's Movie: Fantastic Island
The premise of the framing animation was a general parody of the popular 1970s/1980s television series Fantasy Island, with Daffy and Speedy playing caricatures of that series' principal characters, Mr. Roarke and Tattoo (respectively). They even wear the white suits worn on that show by Mr. Roarke and Tattoo.
The pair, stranded on a desert island for months with nothing on it but a coconut tree (and Daffy sick and tired of eating coconuts), discover a treasure map which leads them to a magical, talking wishing well (voiced by Les Tremayne). The greedy Daffy proposes to use the power of the well, which obeys the commands of whoever holds the map, to make himself and Speedy rich by selling wishes for a hefty fee, and has the well transform the island into a tourist paradise. (This showcases the modern Daffy's short-sightedness along with his greed, as he could have easily used the well himself to wish for all the wealth he desired). As various Looney Tunes characters step up for their chance at the well, their wishes are fulfilled through the events of a classic Looney Tunes cartoon.
Meanwhile, Yosemite Sam, cast as a pirate, and his first mate, the Tasmanian Devil, search for the map, which originally belonged to them (they had earlier lost their ship in a battle with Bugs Bunny). They eventually find out that Daffy took it (the two pirates had a single black feather for a clue). Eventually, the map is lost to all after a chase leading up to a volcano, and Daffy, Speedy, Sam, and Taz end up trapped on the once-again-deserted island. The well gives them three wishes individually, but warns them to use them wisely for they are the last wishes it will ever grant. After Daffy and Speedy waste their wishes -Speedy wishing for a burrito, then Daffy angrily responding by wishing the burrito was stuck on the end of Speedy's nose (an obvious reference to The Ridiculous Wishes)- Daffy asks Sam to wish the burrito off Speedy's nose, but discovers that Sam already wished for a ship, abandoning Daffy and telling them after he sinks Bugs, he'll come back and pick the pair up. Daffy (now furious) then shouts his catchphrase at Sam and Taz. The film concludes with the wishing well doing the famed "That's all, folks!" sign-off.
psychedelic