Sam is the captain and only occupant of a sailing ship, and he's heading on a voyage for buried treasure with the means to get it for himself. He reaches the island, immediately finding the dig site, and uncovers both a treasure chest and Bugs Bunny on it. Before Sam can deal with Bugs, the rabbit shoves the chest and Sam onto the ship and sets the ship in motion. Bugs avoids walking the plank and tricks Sam into thinking he's a charming mermaid, which gets him into a swimming chase with a shark. Bugs opens his treasure chest, which literally a chest of eighteen carrots.
- This was another Looney Tunes cartoon to feature the Merrie Melodies intro and ending music.
- Since this cartoon was produced after the death of voice acting legend Mel Blanc, the voice of Bugs was supplied by Greg Burson and the voice of Yosemite Sam is provided by Frank Gorshin.
- The cartoon is mainly a parody of H.M.S. Pinafore with Sam and Bugs performing many of the songs.
- It was issued as a tribute to Sam's creator, Friz Freleng, who had died about two years before the cartoon's release.
- It is the final cartoon directed by Chuck Jones, ending a career that began in 1938.