Bugs Bunny hosts an award show featuring several classic Looney Toon shorts.
This is the second feature-length film containing classic Warner Brothers cartoons linked together by newly animated footage. It is divided into three parts, all of which are being shown in a theater as part of a film ceremony honoring the classic Looney Tunes characters. Part 1 involves Yosemite Sam's pact with the Devil to exchange his place in Hell with Bugs Bunny, provided that Sam can lure Bugs into sin and then kill him. Part 2 is a parody of TV crime-fighting dramas as Bugs is selected by law-enforcement to find and apprehend gangster Rocky, who has kidnaped Tweety Bird for a ransom. Part 3 is an Academy Awards-like contest in which various classic cartoon shorts are showcased.
- In the 2nd feature-length Looney Tunes picture and tribute to legendary animator Friz Freling, the film opens with the Oscar-winning Bugs Bunny short "Knighty Knight Bugs", where Bugs Bunny is told to steal back the Singing Sword from Yosemite Sam, portrayed as a black knight with a dragon as a pet.
The film then officially begins, with Bugs' brief explanation of comedy, from the era of silent film to the birth of the Looney Tunes and Merrie Melodies shorts. The rest of the film is split into three acts.
The first act involves Yosemite Sam's deal with Satan himself after numerous failures with Bugs Bunny. The short films that are combined for this act include Sahara Hare, Hare Trimmed, Wild and Wooly Hare, Devil's Feud Cake, and Roman Legion Hare.
The second act is an on-going parody of the 1959 Paramount TV series "The Untouchables", where Bugs Bunny is portrayed as an Elliot Ness-like detective attempting to put away the notorious gangster Rocky. The short films that are combined for this act include The Unmentionables, Golden Yeggs, and Catty Cornered.
The third act is also an on-going parody. This time, it parodies the Oscars, known as the Oswalds, awards that are given to cartoon stars, with Bugs Bunny as the presenter. The short films that are combined for this act include Three Little Bops, High Diving Hare, Birds Anonymous, and Show Biz Bugs.