The title of the cartoon refers to the old expression "soup to nuts", and coincidentally or otherwise turns out to be an amalgam of the titles of the Marx Brothers classic Duck Soup and the Three Stooges film Soup to Nuts.
Daffy is relaxing in a pond with a group of other ducks and notes that "I kinda stand out in a crowd," as the other ducks are depicted as standard mallards. Suddenly a gunshot goes off and all the ducks dunk their heads underwater for cover (Daffy, noticeably, puts a swimming cap on his head before similarly dunking his head). Porky enters and lets off another shot, which sends the other ducks flying away.
Porky then takes aim at Daffy and orders him out. When Daffy comes out (still with his feet in the air), he quickly disarms Porky and tells the hunter that he's no ordinary duck. "I'm just slopping over with talent", Daffy claims, and then proceeds to show this off by "singing", "dancing", and "acting" (in which he gives Porky a glimpse of his contract with Warner Bros.). When this gag is over, Daffy offers to read the bumps on Porky's head, providing the bumps himself! Porky then tries holding a shotgun to Daffy, but Daffy responds to this threat by looking inside the shotgun to see a woman in a bathing suit. When Porky takes a look, he sees Daffy in the same pose! Porky shoots Daffy out, and Daffy runs back to the pond, where Porky cannot chase him since he can stay underwater "practically indefinitely."
Daffy is underwater singing when he notices Porky has jumped in with a diving helmet. Daffy then walks up to Porky as "the Fuller Brush Man!", and knocks on Porky's helmet. When Porky tells him to "come in," Daffy opens the front of the helmet, causing Porky to jump out and start bailing out the water with a bucket. Eventually, all the water is gone, and Daffy flips around like a fish out of water. When Porky refuses to believe that Daffy is a fish, Daffy counters that he doesn't believe Porky is a pig - he believes that Porky is an eagle. After the gag where Daffy switches what Porky says (the same gag used more famously in the 1950 cartoon Rabbit Fire), Porky decides to prove that he's an eagle by jumping off a tree. When this doesn't work ("I told you I was a pig!"), Porky uses up all his ammo trying to shoot Daffy. However, he still has his "trusty six-shooter."
Before Porky can kill Daffy, Daffy asks to say goodbye to his wife and kids. Letting out a Tarzan-type yell (and then coughing at the end), his wife and three kids come to say a tearful goodbye. Porky then walks away, feeling that he'd be a rat if he were to shoot someone with kids. Just as he's out of sight, the "wife and kids" reveal themselves to be four friends of Daffy's. Their laughter is interrupted by Porky's shooting at them with his rifle, and all five of them jump around, "hoo-hoo"-ing as they jump into the lake.