The orange monster is very similar (if not identical) to Gossamer, but named Rudolph in this cartoon. The mad scientist in this short is patterned after Boris Karloff right down to the heavy eyebrow, and Dr. Frankenstein riffs that made Karloff a household name to most folks in the 40's and 50's.
The title refers to a quote from "The Rime of the Ancient Mariner" by the English poet Samuel Taylor Coleridge; "water water everywhere and not a drop to drink".
The voice of the mad scientist has been popularly (and incorrectly) ascribed to Vincent Price, although the resemblance to Price has been noted.