Length: Eleven Minutes
Producer: Oscar Dufau, William Hanna, and Joseph Barbera
Writer: Dick Robbins and Bryce Malek
Released: September 25, 1982
Studio: Hanna-Barbera Productions and King World Productions
- B.J. Ward as Waldo
- Julie McWhirter Dees as Alfalfa Switzer and Porky
- Patty Maloney as Darla Hood
- Peter Cullen as Pete the Pup
- Scott Menville as Spanky McFarland
- Shavar Ross as Buckwheat Thomas
Plot: Waldo invites Darla to stay on his yacht, the S.S. Waldo, for the day. At Darla's suggestion, he reluctantly agrees to let the boys come along. While on board, Porky tries to put some ketchup on hi sandwich, but accidentally squirts Darla's dress in the process. While Waldo and Darla leave the yacht to buy a new dress, the boys decide to explore a treasure chest stored on board. As it turns out, Waldo's treasure was stolen by two crooks, Wheelhouse Willy and Slats. Not wanting to be accused of stealing the treasure themselves, Spanky, Alfalfa, and Pete track down the crooks at Smugglers' Cove, a local saloon for seamen. The trio manage to lead Willy and Slats back to the yacht, where a chase for the treasure ensues. Luckily, Pete saves the day by taking care of the robbers with Buckwheat's latest invention, a robot servant called the Buckwheat Butler Buddy.
- Originally aired with Rascals' Revenge and Fish Fright.
- Near the end of the short, as Darla was hugging Pete for being the hero, she was shown wearing white socks with pink shoes, the inverse of her usual color scheme (this anamoly would later be seen in Cap'n Spanky's Showboat and The Zero Hero).
- Alfalfa and Spanky posing as an adult had previously been attempted in Teacher's Beau and Two Too Young and repeated in The Little Rascals movie.