“Due to an unfortunate delay,” announces the barker, Bugs Bunny, “Fearless Freep will be unable to perform his high-diving act today.” But Yosemite Sam had bought out the house just to see Freep. If Freep isn’t going to dive, someone else will just have to. And that someone is going to be Bugs Bunny. Bugs is no high diver; but at gunpoint, he’ll have to take his first-ever 500-ft. jump into a tank of water. Or will he? Yosemite Sam will find himself tricked into doing the dive himself – many times – before realizing that no matter what he does, Bugs’s blissful ignorance of physics will always save him.
Bugs Bunny is drumming up business for a vaudeville show in a remote Western town, during which there is a poster in the background for Frizby the Magician. Bugs mentions that one of the main attractions is the high-dive act of Fearless Freep, and the name sends Yosemite Sam into a joyful frenzy. Sam says "I'm a-splurgin'!" and buys as many tickets to the show as he can.When the show is on, Bugs is not far away from introducing Fearless Freep when he receives a telegram that informs him that Freep has been delayed by a storm and will not be able to appear until tomorrow. After Bugs announces this to the audience, an angry Sam insists on seeing the high-diving act, pulls out a gun on Bugs and forces him to the top of a high-dive platform, then pushes him to the edge of the board, where Bugs bares his claws to secure himself there. Bugs tells Sam to cover his eyes while he puts on his bathing suit, then proceeds to turn the board around to put Sam on the diving edge. Bugs makes some sounds that suggest that he has taken the dive, even giving an audible "SPLASH!", then Sam turns around and walks off the edge of the board and into the tank below. When Sam crashes in, the hoops break off the tank causing it to fall apart, but the water remains intact.On Sam's next attempt to get Bugs to dive, Bugs springs so hard on the board that he sends Sam up and over Bugs' head, separating him from his pistols in the process, then down toward the tank. At that moment, Bugs realises that he forgot to fill the tank with water, so he gets a bucket of water and uses it to throw the water down from the diving board past Sam. The water lands in the tank, but Sam misses the tank completely and smashes through the stage into the basement.The next time Sam walks to the end of the board, he finds Bugs standing on the board upside down and asks him "Great horny toads! What are ya doin' down there upisode-downy?" Bugs replies "I'm not upside down, doc. You are! Look!" When Sam looks "up", he sees the tank, and then falls into it.Sam then tries hitting Bugs verbally with "fightin' words", which leads Bugs to dare Sam to step across a line that he traces on the edge of the board. When Sam steps over the line, he is sent down towards the tank again, but rises up long enough to say to Bugs "I hate you!" before falling again.When Sam gets back to the top again, he finds himself stopped by a door that Bugs has placed on the board. Sam yells at Bugs to open the door, then after banging on it, he turns to the audience and says "You notice I didn't say `Richard'?". Sam backs up and charges at the door, and at the last moment, it is opened by Bugs, who gives Sam an anvil as he passes through that helps him on his way to another splash after his momentum sends him off the board.Sam returns to the platform at the top and finds himself in a setting that looks like a desert. Dressed like an American Indian, Bugs says to Sam "Quick! Him go that way! You take-em short cut! Head him off at pass!" Sam thanks the disguised Bugs, takes the way that he suggests, and dives off the board once again.We then see Sam starting to climb the ladder twice before diving back into the tank as the result of unseen setups. Finally, Sam is sure that he is going to make Bugs dive when he has the rabbit tied up and standing on the edge of the board while Sam saws away at the platform, gloating "Now ya smarty-pants, let's see ya get out-in this one! This time, you're a-diving!", but when Sam finishes cutting through the board, it is the ladder and platform that fall, leaving the cut plank with Bugs standing on it suspended in mid-air. Bugs turns to the camera and says, "I know this defies the law of gravity, but, you see, I never studied law!" The cartoon then ends by irising to the middle.