Unfortunately, he's at the South Pole which he doesn't discover until he takes a plunge into the icy waters. Within seconds he almost gets run over by a little penguin whizzing by, followed by a huge Eskimo. Later, the little penguin comes by while Bugs is ready to go back in his hole and try again for Miami Beach. He dresses the penguin up with a top and tie to go with the rest of his looks. When Bugs dives back, the penguin follows. This happens several times. Apparently, he has made a new friend, but Bugs wants none of that. He boots the penguin down an icy sloop but watches as the Eskimo captures him in his burlap bag.
Oh, well, says Bugs, who walks back to his hole. "It's none of my business. I'm not my penguin's keeper." However, in a flash he pops back up, his conscience obviously getting the better of him, and goes back to rescue the little guy. Bugs stops for a second, turns to the camera and speaks to us: the audience, admonishing us for thinking Bugs wouldn't do the right thing!
Bugs then dons a disguise, gets the Eskimo's attention....and the chase is on. From that point on, there's some pretty funny stuff, visually and dialog-wise with Bug's wisecracks