This is the Dora Aquapet. It is, unbelievably, a childrens' bath toy from a wide range which even includes a SpongeBob Squarepants version.
You can buy them as stocking fillers for the kids from Amazon. There are some quite interesting reviews of Dora here. It appears she's popular with adults as well. I really don't know what else to say. Honestly, I don't.
Official Aquapet website