In reality, talcum powder actually can explode in special circumstances. The effect is called a dust explosion, which can also involve flour, sawdust or any combustible particulate suspended in the air with sufficient concentration in a confined space with enough oxygen and an ignition source.
The matchbook gag was also done in "Buccaneer Bunny."
The title is a play on Horatio Hornblower, a series of seafaring novels that also produced film, radio and TV adaptations.
Bugs breaks the fourth wall with his eyes a few times, as well as by speaking.
Bugs uses the very latest in home appliances here, the desktop (presumably electric) fan.