The title is a play on the 1897 song "Asleep in the Deep."
The Guadalajara Yacht Club is awarding 6000 pesos to the winner of its annual race to Hawaii. Daffy and Speedy both decide to enter. Daffy builds himself a raft, while Speedy just rigs a sail to a bathtub. Daffy sails to an early lead, but when Speedy passes, Daffy pulls the drain plug and sinks the tub. Speedy returns on a foot-powered paddle-wheeler, but Daffy throws him an anchor and smashes his craft. The mouse flies back on a helium balloon and lands on Daffy's raft. He says they should just work together and split the prize money, but the duck disagrees. Daffy gives chase but Speedy knocks him off the raft and he sinks to the seafloor. Daffy returns and ties an anvil to Speedy's leg, but as he drops it Speedy unties it and ties it to Daffy and he sinks to the seafloor again. Daffy chases Speedy once more, but gets stuck in a porthole. Speedy beats him with a bat until he agrees to split the prize money. As the other yachts approach, Speedy call for more steam, but Daffy, propelling them with his feet, says the only way he could go faster was if a shark was chasing them. Then Speedy sits back and plays Hula Lou on his ukulele as the predictable happens.