I watched it last night, for the first time since childhood, and I think you should watch it as well. It manages to be thoroughly charming and at the same time pretty fucking weird. I laughed and cried and went "aww" and went "...that's fucked up" and really, for a cartoon to cover all those bases is pretty impressive.
OH NO POOR DUMBO WHAT WILL HAPPEN?! Don't worry, he doesn't die.
Here is basically what happens. Cute baby elephant with freakishly large ears is separated from mother by mean circus folk. He accidentally gets drunk, has terrifying, possibly acid-inspired dream sequence, then eventually triumphs against adversity (in the form of mean circus folk) with the help of a talking mouse, who is not only in a marching uniform but also from New York (we do not find out why) and a bunch of jive-talkin' crows ("Well hush ma beak!") who are totally not racist at all.
Go and rent it. It's only an hour long and it will, in some small, elephant-related way, make your life better.