Crossfire Tag-Team
Step onto the yellow button and move right and left to avoid the shattering prisms. Once the fireworks are over, push the remaining wood box onto purple button. Switch to Patrick.
The next part requires patience. Move Patrick to the safe spot ("X") inside the three boxes. Wait until all tentacles fire at the same time, then quickly move the left, then the right, then the center box one step down. Move fast enough, and you'll be back in the safe spot before the tentacles fire again. Repeat, and slowly make your way to the bottom of the level.
Finally, time the tentacles before running to the green button and back. SpongeBob can now collect the Krabby Patties. For extra Bonus Bubbles, flip back and forth between SpongeBob and Patrick on the blue buttons - very quick fingers are required!