An inflatable noisemaker comprising a tubular envelope having first and second ends and constructed to enclose a gas under pressure. A sealable opening is disposed proximate the first end for inflating the envelope. An active light emitting module is enclosed within a transparent chamber disposed within the envelope and configured with an activation device. The active light emitting module may comprise first and second cells stacked in series polarity, a removable insulating strip disposed between the first and second cells, and a light emitting device (LED) having first and second leads coupled to respective negative and positive terminals of the stacked cells. A housing including a spring for biasing the LED, the cells, and the insulating strip together may be provided. In an alternate embodiment, a single cell and a switch may be used in the active light emitting module.