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For general merchandise buyers who venture into the trendy waters of licensed product buying, the risks can be daunting.

But when a license is hot, it can be like dynamite. Just ask Walgreens, which currently licenses the rights to several Universal franchises, including 'The Land Before Time" and Chilli Willi. The chain also created a highly successful Christmas promotion last year around an exclusive line of merchandise featuring graphics and imagery from Universal's "It's A Wonderful Life," including ornaments and under-the-tree items.

Other retailers have stocked shelves and generated solid turns with Spider-Man, SpongeBob Square-Pants, Barbie, Mickey Mouse and Buzz Lightyear.

As for what is coming down the pike, new licenses that show the most potential are the ones tied to major motion pictures that either have premiered recently or are scheduled to open this summer--the big blockbusters for which consumers have been hearing the hype for several months, like Universal's The Hulk, which debuts June 20. In what has become the custom for the highly popular, kid-focused cable TV network, most believe that Nickelodeon's Dora the Explorer will be another in a long list of heavy-hitters that has included SpongeBob, Jimmy Neutron and Rugrats.

While Nickelodeon and its properties have come a long way in a relatively short time, Disney practically invented the business of converting its most popular characters into brands. Think Mickey Mouse watch. These days, the company is thinking a bit more high tech. Disney Consumer Products is introducing its first collection of Disney-branded video and audio products, including DVD players and 13-inch TV sets starting off with limited distribution through Circuit City, Sears and Target stores.

But later this year, there will be an opportunity for drug stores and other smaller-box mass marketers to get a piece of the action, explained Sean Smith, a spokesman for Weston, Fla.-based Memcorp, which is manufacturing and distributing the products for Disney. Over time, Smith said, distribution would be expanded on a piece-by-piece basis. However, drug stores and other retailers that are not a p art of the initial launch will not receive the entire collection.

In addition to the TV and DVD player, other items in the six-piece collection include a digital radio, stereo CD boombox, personal CD player and clock radio. Suggested retail prices range from $119.99 for the TV and $99.99 for the DVD player to $29.99 for the clock radio; clearly, some of the offerings in the line are a bit too high-ticket for most drug stores.

Another Disney brand making major headway is the company's Lizzie McGuire franchise. Lizzie, according to entertainment sources, is one of the hottest franchises around as far as pre-teen girls are concerned--a segment of rowing importance to marketers. The popular show on the Disney cab e network recently morphed into a feature film, which opened the weekend of May 2 to the tune of some $17.3 million. A line of CDs and books marketed under the Lizzie McGuire moniker currently are available at WalMart and online at Amazon.com.

For its part, Warner Bros. Consumer Products this November will premiere "Looney Tunes: Back In Action," which features Bugs Bunny and Daffy Duck, along with real-life stars Brendan Fraser, Heather Locklear and Steve Martin.

Warner is creating a variety of promotional events to help support the movie and drive sales for the range of products the animated film will create, as well as those that already bear the Looney Tunes license.

In the toy category, Mattel will introduce a new line of Looney Tunes-inspired toys, including the Don't You Dare Daffy game, as well as a new collection of action figures called Krazy Kombos.