Different versions of this video and similarvideos have been around for a while. There's one in particular that's been making the rounds recently -- enough so that Snopes picked up on it and verified its authenticity. But the one being circulated has a smarmy instrumental version of "No One Is Alone" from "Into the Woods," so instead I dug up this story and accompanying video from an Orlando TV station's news department:
"Two young juveniles have been observed creating underwater bubbles with their blowholes. Then they use their rostrum, also known as their snouts, to manipulate and play with the bubbles.
"They're spinning them, making them smaller and larger, swimming through them and popping them.
"This is a phenomenon that has intrigued scientists watching dolphins in the wild and now is fascinating millions of guests at SeaWorld Orlando, according to the marine life theme park."