The Crusty Demons tempt fate for a living but a stunt in far north Queensland late yesterday nearly sealed it.

One of the pranksters almost drowned after bungy jumping in Cairns.

Strapped to a shopping trolley before jumping off, two men made it safe to an inflatable boat before pushing the man in the trolley into the water.

The only problem was founding film-maker Dana Nicholson was still strapped in as it sank like lead.

He was trapped under water for 40 seconds.

In the past, Dana has survived a chopper crash and an avalanche, so drowning Down Under was not an option.

"I sat all the way down and thought 'no one's going to save me'," he said.

"I made the decision to figure out how to get out."