The premise of the framing animation was a general parody of the popular 1970s/1980s television seriesFantasy Island, with Daffy and Speedy playing caricatures of that series' principal characters, Mr. Roarke and Tattoo.
The pair, stranded on a desert island for months with nothing on it but a coconut tree, discover a treasure map which leads them to a magical, talking wishing well. The greedy Daffy proposes to use the power of the well, which obeys the commands of whoever holds the map. Rather than simply wishing for a heap of wealth, Daffy figures he can make himself and Speedy rich by transforming the barren island into a verdant tourist paradise and selling other people wishes for a hefty fee. Speedy and Daffy attire themselves in the white suits worn by Tattoo and Roarke in the television show, with Speedy exclaiming "da plane, da plane" as an airplane carrying various Looney Tunes characters arrives on the island. As the customers 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 eventually find out that Daffy took it. In their pursuit of Daffy and Speedy, Sam inadvertantly chases the former into volcanic soil. The map is lost to all because of this, causing the island to revert to what it once was 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- 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 then shouts his catchphrase at Sam and Taz. The film concludes with the wishing well doing the famed "That's all, folks!" sign-off.
Classic cartoons in order
The following includes the Well's descriptions of each cartoon in relation to that character's wish. Some cartoons are abridged.
Captain Hareblower
Stupor Duck : The Well: "Your fondest wish, your fondest dream. I'll make you Super Duck Supreme!"
Greedy for Tweety : The Well: "Your wish shall be granted. Gaze into me and see. The next time that you see yourself, a nurse is what you'll be."
Banty Raids : The Well: "I am here to grant your wish; the Spirit of the Well. I will knock the cockiness out of that little cockerel!" After this one, Foghorn, believing he was hornswoggled, demands a refund, but gets another penny.
Louvre Come Back to Me! : The Well: "I grant your wish to meet a girl of beauty unsurpassed, which, when compared with works of art, will leave the Louvre outclassed."
Tree for Two : The Well: "If that's his wish, and yours alike, I'll make Chester brave and strong, like Spike."
Curtain Razor : The Well: "Discovering new talent for the world to see; a wondrous thing for a producer to be..."
A Mouse Divided : Sylvester's wife: "Wishing Well. Oh, Wishing Well, you I do entreat. I wish our house would resound to... the patter of little feet." The Well: "I hear your wish and I obey. The patter of little feet you shall hear this day."
From Hare to Heir : The Well: "A very rich relative in poor health doth will to you his entire wealth."
Merchandise
In 1981, a puzzle showing 105 Looney Tunes characters was issued. Among the characters there are three that never appeared in animation, identified as Hoppy, Hysterical Hyram and Minniesoda Fats. In one scene in Daffy Duck's Fantastic Island Hoppy and Hysterical Hyram are seen waiting for their chance to make their dreams come true. It is their only known appearance in animation.
