Its function is to remake Oswald into another species (so that people will love him as they have rejected Oswald the Lucky Rabbit) and send him back to the Real World. Oswald, naturally, is up for it. Ortensia doesn't think it's a good idea. Doc, however, says that since the Projectorinator is his idea, that makes it good. With that, Doc starts it up and Oswald is sucked into it, and altered.
The machine first turns Oswald into a duck, with a title card for a cartoon showing up and saying, "Oswald the Lucky Duck" (Hence the digicomic's title). As Oswald is driving in his car, he spots his "old girlfriend" Daisy Duck having a picnic with Donald, the latter beating up Oswald when he flirts with Daisy. Oswald tries to explain to Donald who he really is, but Donald doesn't believe him. Eventually, Donald knocks Oswald's head clean off. Oswald gives up on the duck idea and tries again.
The second time, Oswald is turned into a zombie ("Oswald the Lucky Stiff). However, that idea quickly goes awry, as all of Oswald's Bunny Children throw sharp weapons at him the moment they see him. The Doctor replies that the third time's the charm, and fires up the Projectorinator once again.
This time, Oswald is transformed into a devil ("Oswald the Unlucky Devil"). Oswald appears rooted in one place in a mountain. Oswald doesn't recognize the place as Wasteland and wonders where in the unworld he is. Unfortunately, that question is answered when Oswald looks behind him and sees a certain big, black demon. The former screams for help.
Outside, due to the latter summoning fire, the Projectorinator catches fire. Ortensia yells at Doc to do something. He replies he has a fire extinguisher somewhere. But all that is unneccesary, as due to the fire, the Projectorinator explodes, releasing Oswald and turning him back into his original rabbit form.