This image was taken from a split second frame in a corrupted bootleg of the Looney Tunes short 'Hurdy-Gurdy Hare.' Other than the image, the rest of the video is composed of incomprehensible jumbles of colors, static, or just black screens.
The audio seems to be a heavily distorted version of the audio from the original short, with loud, droning buzzes occasionally interrupting it. The bootleg tape itself was found in September 18, 1950 by a group of 5 teenagers from the city rummaging around in a trash can within an abandoned mental institution.
Of these 5 individuals, 2 have committed suicide, 1 has gone missing, 1 refuses to comment on the tape, and the last hastily agreed to give paranormal investigators the tape shortly after being interviewed about the suicide and disappearances of the other 3 people. The current whereabouts of the tape are unknown, and many who stare at this image for a long enough period of time claim to see Bugs Bunny...blink...
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