Near the end, when Timmy has fallen, he is saved by the rising fizzy drink-propelled sledge in a similar way to which Marty was saved by the rising DeLorean in "Back to the Future: Part II".
The bit where the sheep use the Christmas lights outside the house to get to the other building is very reminiscent of a section from "Home Alone", in which Kevin gets away from the Wet Bandits.