Audio problem: At the end of the show when Alice is blowing the whistle, the whole family comes to the top of the stairs. Mike says "Alice, it's 6 o'clock in the morning" Watch his mouth. It looks as though he curses and the (curse) word was dubbed out.
Audio problem: When Greg and Peter were in the family room helping Marcia write a letter to Davy Jones, Peter suggests telling him that he won a $10 million sweepstake. Then as they walk into the kitchen, you hear Greg saying "A $10 million sweepstake" and Peter says "$20 million?" It is clear that he wasn't really talking, because the sound of his voice is very distant, although they were only in the next room.
Audio problem: When Peter is hinting to Carol that he is still growing, the audio changes to being dubbed in from Peter separate from the actual scene after Peter stands up and mentions he wants cowboy boots. Then the audio is back to normal once Peter mentions "Brown" cowboy boots.
Answer: The dangling bracelet was used for dramatic purposes - to keep the audience on edge.