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Instantly drown Mario in the Moat
Jump into the course to get to the invisible cap level. Make sure you only have 75 percent of your life left when you jump in. Jump off the top of the "wall" in the course and land at the bottom, DON'T go off the edge. If you did it right, you should have 25 percent of your life left. With your invisible cap still on, stand right on the black balls on the edge of the course that blow fire. Wait for the invisible cap to wear off. When you get hit by fire and Mario starts screaming, quickly jump off the cliff. When you appear back in the moat, Mario will immediately drown.