As Bugs Bunny runs toward the water, he is wearing an inflatable float devise. But suddenly, as Bugs jumps up and into the water, the float device is gone.
The ice cubes that fall from the penguin's eyes disappear in the next scene.
The Inuit peoples live in the Arctic area - this takes place at the South Pole, or Antarctic region.
At the end, Bugs refers to staying 'up here' where the days are six months long. Since this takes place at the South Pole, the reference would be to 'down here', as South is, by convention, placed below North.