The Riddle Is:

I turn polar bears white
and I will make you cry.
I make guys have to pee
and girls comb their hair.
I make celebrities look stupid
and normal people look like celebrities.
I turn pancakes brown
and make your champagne bubble.
If you squeeze me, I'll pop.
If you look at me, you'll pop.
Can you guess the riddle?

So The Answer Is "no"
The line says "CAN YOU GUESS THE RIDDLE?" It asks if you can guess what it is NOT what its describing. See kindergartners out smarted college graduates when it comes to this riddle because everyone over thinking it because there is nothing can do all of that.
Hi, Gina. Welcome to the Forum. Thank you for clearing that one up for us.
The answer is yes. Or, more specifically, air. Here is why:
-Polar bears are white because their fur is hollow, and filled with air.
-The human eye tears up in strong wind as a protective measure.
-Air can make people cry because the sensation of falling is much more severe when wind is present. Thus, you pee.
-Girls comb their hair when fuzzled by the wind.
-Celebrities look stupid when their hair is fuzzled by the wind.
-Normal people can look like celebrities is they look good with their hair blowing in the wind.
-Some pancakes will react to oxygen and turn brown, like an apple.
-Champagne bubbles because it releases air, in the form of CO2.
-With the assistance of a balloon, air can in fact pop. This is stretching it just a bit (hehe, puns).
-In order to look at air and actually see it, you would have to be in a vacuum. In the vacuum, the edge of the air would be visible as the light refracts. Also, people pop in vacuums.

Plus one for college students.
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To anonymous. Polar bears' fur has only a hollow core, but it is white because of the refracted and reflected light. I would say your answer that air causes these things is correct, but some of your reasoning is incorrect.

The answer is a a DREAM.....all things are possible...