I am not sure who my favorite Looney Tune is, they're all a good crowd!
The only 2 Looney Tunes videos I have on any format are Space Jam on DVD, and an NCH charity cartoon mix VHS tape which also features Mickey Mouse & Friends, Tom & Jerry and The Pink Panther.
Also, I just got Looney Tunes: Duck Amuck for my Nintendo DS! I am still yet to play it, but I expect lots of good things from it!