It is the second live-action feature-length film starring the Looney Tunes characters, the first being Space Jam (1996). It was theatrically released on November 14, 2003. The film was a box office bomb, grossing only $68.5 million against its $80 million budget.
Tired of playing second banana to Bugs Bunny, Daffy Duck demands his own cartoon from Warner Bros., but is promptly fired. Aspiring stuntman DJ Drake is asked to escort Daffy off the studio lot, but the ensuing chase leads to the Batmobile demolishing the studio water tower. DJ is also fired in the process, and returns home with Daffy hitching a ride, discovering his father, action filmstar, Damian Drake, is actually a secret agent. Damian instructs his son to travel to Las Vegas, find his associate Dusty Tails, and gain the mystical "blue monkey" diamond, but he is shortly thereafter captured by the Acme Corporation, led by the childish Mr. Chairman. DJ and Daffy head for Vegas. Meanwhile, Bugs' routines fall apart without Daffy, so "Vice-President of Comedy" Kate Houghton is sent to rehire Daffy or face being fired herself. Bugs informs Kate of the situation, so they steal Damian's spy car, and pursue DJ and Daffy.
In Las Vegas, DJ and Daffy meet Dusty in a casino owned by Acme operative Yosemite Sam. Dusty gives them a strange playing card, but when Sam attempts to kill them, they flee in the spy car with Bugs and Kate. The spy car, which can also fly, crashes in the Nevada desert. The group eventually stumbles upon Area 52, run by a woman called 'mother', who informs them of the situation, and plays a video recording, which reveals that Acme intends on using the blue monkey to transform mankind into monkeys to manufacture their products, before turning them back into human beings to purchase them. Marvin the Martian, imprisoned in the facility, escapes and leads a group of fellow alien inmates to obtain the playing card, but the heroes escape. Seeing that the card has Mona Lisa's face on it, the group conclude they must view the painting in the Louvre, located in Paris.
At the Louvre, they discover that the card contains a viewing window, and looking through it, the window reveals that the Mona Lisa has a map of Africahidden beneath. Elmer Fudd appears, and, revealing himself as an Acme operative, chases Bugs and Daffy through the gallery for the card whilst Kate is kidnapped by Mr. Chairman's bodyguard, Mr. Smith, to obtain a photo of the African map. DJ rescues Kate. Elmer is disintegrated by Bugs after jumping out of a pointillism artwork. Bugs and Daffy reunite with DJ and Kate, and they leave Paris.
DJ, Kate, Bugs, and Daffy travel to Africa, meeting Granny, Sylvester, and Tweety, who escort them to the ruins of a jungle temple where they find the blue monkey. Granny and company reveal themselves to be Mr. Chairman, Smith, and the Tasmanian Devil in disguise. Mr. Chairman uses a disintegration gun to transport himself and the heroes to the Acme headquarters where he forces DJ to give him the diamond, when Damian is revealed to be his prisoner.
Marvin is sent to place the blue monkey on an Acme satellite which will emit an energy beam around the world to turn everyone, except Mr. Chairman, into monkeys. DJ and Kate rescue Damian from a death trap, whilst Bugs and Daffy pursue Marvin into space. Bugs is incapacitated, prompting Daffy to become Duck Dodgers, in order to destroy the blue monkey. The transforming energy beam only strikes Mr. Chairman, turning him into a monkey.
Bugs and Daffy return to Earth, where Daffy discovers the whole adventure was staged to make a film. However, Bugs promises Daffy they will be equal partners, but just as Daffy's luck seems to be improving, he is flattened by the Looney Tunes iris, where Porky Pig attempts to close the film with "That's all folks!" only for the studio to shut down before he can finish, and he tells the audience to go home.
- Brendan Fraser as D.J. Drake / Himself
- Jenna Elfman as Kate Houghton
- Steve Martin as Mr. Chairman
- Heather Locklear as Dusty Tails
- Joan Cusack as Mother
- Timothy Dalton as Damian Drake
- Bill Goldberg as Mr. Smith
- Don Stanton as Mr. Warner
- Dan Stanton as Mr. Warner's brother
- Matthew Lillard as himself (cameo)
- Jeff Gordon as himself (cameo)
- Kevin McCarthy as Dr. Miles Bennell (cameo)
- Michael Jordan as Himself (cameo via archive footage from Space Jam)
- Roger Corman as studio director (cameo)
- Peter Graves as Civil Defense film host (cameo)
- Marc Lawrence as Acme VP, Stating the Obvious
- Ron Perlman as Acme VP, Never Learning
- Robert Picardo as Acme VP, Rhetorical Questions
- Joe Alaskey as Bugs Bunny, Daffy Duck, Sylvester, Beaky Buzzard, Mama Bear
- Jeff Bennett as Foghorn Leghorn, Yosemite Sam, Nasty Canasta
- Bob Bergen as Porky Pig
- Brendan Fraser as Tasmanian Devil, Tasmanian She-Devil
- June Foray as Granny
- Eric Goldberg as Marvin the Martian, Michigan J. Frog, Speedy Gonzales, Tweety
- Bruce Lanoil as Pepé Le Pew
- Billy West as Elmer Fudd, Peter Lorre
- Danny Chambers as Cottontail Smith
- Will Ryan as Papa Bear
- Stan Freberg as Junior Bear
- Casey Kasem as Shaggy Rogers
- Frank Welker as Scooby-Doo
- Danny Mann as Robo Dog and Spy Car
- Mel Blanc as Gremlin Car (archive recordings)