ZSR topic: http://cur.lv/in2z5
 
This is a new use of a glitch that Glitchesandstuff found about 5 years ago. Skater then developed a use of it. Shoutouts to Mzxrules too!
 
There are currently two ways of activating this:
 
1. Die in the water, be revived by a fairy, get out of the water and quickly pick up an item for the first time, such as the deku seeds, deku nuts, magic container, and interupt the item cutscene by getting hit.
 
Video for method #1: http://cur.lv/in2zh
 
The other version, which does not require a bottled fairy:
2. Exit a crawl space and quickly pick up the new item and be damaged by an enemy.
 
Video for method #2: http://cur.lv/in2zl
 
For both this methods, you activate a glitch called Walking While Talking (WWT). When you die and get out from the crawling space, the camera is in a fixed position for a short while. You have to obtain the item before the camera gets back its focus on Link.
 
When this glitch is activated and you stand in front of a chest, you don't need to open it, a certain memory value will be changed depending on the content in the chest. Then when you cancel the glitch, by jumping into water, you'll obtain certain item/s based on the value of the chest.
 
See an item table here: http://cur.lv/in301
 
Some of the big uses of this is to get early Light Arrows, which skips either beating the Shadow or Spirit temple, or the method using Reverse Bottle Adventure. Which will save time in several categories.
 
This will be used in a new any% run. While the first method requires several items, the second method only requires the Sword/Deku Stick. One of the items you are able to get in the Deku Tree with this glitch, is a bottle filled with Blue Potion. This means you are no longer required to do a Forest Escape to go to Kakariko for the Cucco Bottle.
 
However, you are required to get Bugs or a Fish in the bottle for the Wrong Warp to Ganon to work. Neither of this can be found inside the Deku Tree. Meaning you have to exit the dungeon and go into Lost Woods to find bugs under grass, as you can't find bugs or a fish in the Kokiri Forest. *There is a cave with a fish/bugs in Kokiri Forest, but it requires the Song of Storms*.
 
It is yet not confirmed how much, if any, faster this route will be compared to the current route.
 
New any% route and additional info: http://cur.lv/in30f
 
Of course, also the 100% category will have a huge advantage of this new glitch. The definition and rules for both 100% as well as other categories (Except for any%) will have to be changed. This is up for further discussion once the glitch is more developed and tested.
 
It's confirmed to work with all NTSC version of the game (1.0, 1.1, 1.2), as well as OoT3D. There is a high crash chance for N64 and iQue however. Though it usually works fine in Collector's Edition for GameCube, Virtual Console as well as regular emulators such as Project64 or Mupen.
 
It also works in the PAL version of the game. The values have been changed so that you won't get the same items as in NTSC however. Many are similar though
 
The values have also changed in OoT3D. More research will be needed.
Here is a method of getting the Megaton Hammer in OoT3D: http://cur.lv/in30w
 
It does not work in Majora's Mask. Though maybe in MM3D when it is released?!