Abstract: A convertible play vehicle comprising an inflatable flotation ring encircling an integral reinforced, load-bearing platform that lies mid-way of the height of the flotation ring and has spaced openings near the circumference thereof that may serve as hand grips and a separable sled portion releasably secured on the underside of the inflatable ring by straps that are attached to the sled and extend over the ring, passing twice through the ring platform via the circumferential openings therein. The inflatable ring may be formed of two circular disks of rubber-like material vulcanized together at their outer circumference and at a concentric circle spaced inwardly therefrom to provide an inflatable endless tube therebetween. The sled may be of fiberglass or plastic with its ends rounded up to accomodate the inflated ring and provided with integral strap-passing eyelets on its upper side and parallel runners extending longitudinally on the underside.