In the I Spy Extreme Challenger book, the bubbles can be found on the page that includes the "Under the Sea" scene. Look for a cluster of bubbles floating around in the middle of a coral reef image.
One is on a pencil!
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It is on the camel stamp on the left page
Extreme Homes - 2012 Hollywood Ruins PVC Bubbles 2-8 was released on: USA: 22 November 2012
The ace in the "You Spy Extreme Challenger" game is located under the magnifying glass on the right side of the card. It is hidden within the design of the magnifying glass.
In the Spy Extreme Challenger game, the lunchbox can be found in the living room cabinet. It is hidden behind the blue vase on the middle shelf.
In the bottom left corner on top of the musical scale and the scissors.
They are the hotdog buns on the two forks in the middle of the page.
Theres a mouse trap with a spring on Page 25.
I think it is on the side of the can on the bottom right hand page.
It is an advertising sign, and shoots out streams of bubbles. It has no bearing on the island quest.