Look up in the sky! It’s not a bird, it’s not a plane, it’s not a Macy’s Thanksgiving Day Parade float – it’s “”Underdog,”” yet another laughable, live-action endeavor from Disney.

The superhero epic for the little guys is based on the classic 1960s cartoon about a rhyming canine defender. Jason Lee (“”My Name is Earl””) lends his voice to Shoeshine Boy, who in a “”Fantastic Four””-esque lab accident acquires the power to fly and speak like a human, soon taking on the world as the almighty Underdog, Capitol City’s newest vigilante. But beware: Despite the classic catchphrases – “”There’s no need to fear, Underdog is here!”” – and a contemporary cast including Amy Adams (“”The Office””) as the voice of Sweet Polly Purebred, the disturbing live-beagle upgrade from the original endearing animated pup will most likely be overshadowed by the Potters and penguins of summer. So much for “”One Nation Under Dog.”” Aug. 3.