I was watching videos at youtube, that time I saw this. He actually explained it pretty well. If you guys haven't checked it then check the video.

Source: http://www.youtube.com/watch?v=7S1SVkysIRw

Ben drowned...

You shouldn't have done that...

This man makes some amazing videos. I recommend people towatch them, although they contain spoilers.

Watched this a couple of weeks ago and finished MM the other day. Man that game is timeless (although it really needs a remake on a system with a second screen!).

Twilight Princess spoiler below.

But anyway, if Link is dead, then why does his wraith (or ghost, if you don't like that word) appear to be a fully grown adult in Twilight Princess? Even as a wolf, he appears fully matured.

I was surprised by the precision of the evidences in the video, I thought it was just some trolling one at the beginning.

I really like this theory, Majora's mask is such a deep game on so many levels.

The mysteries and tone of the game are just one of the reasons it is as beloved by the fanbase as it is, along with the desire to see a legit remake.

Don't know if Link is supposed to be dead, about to die or what but this game theory has more legs then others although to keep the mystery I hope Nintendo never goes into great detail about what exactly transpires in the game beyond what the game itself presents.

I haven't watched the video, but I'm fairly certain Link in Majora's Mask is not dead.

For starters we know the intro of the game takes place in Hyrule. Or at least, in the same plain of existence as Hyrule. Link is robbed by the very real, very alive and very same Skull Kid from Ocarina of Time. The Skull Kid (or rather, the Mask) obviously knows what it's doing, because it goes immediately for the 'portal' to Termina. It has been confirmed that Termina is in a parallel dimension to Hyrule.
Also, if Link were dead, how could he meet with the Happy Mask Salesman? The Mask Salesman is obviously the same as the one in Ocarina of Time, and he even implies certain events about Majora's Mask's predecessor. At the end of the game, Link is seen riding through the very same forest as in the beginning of the game, meaning he made it out of Termina again.
Lastly, the ghost warrior in Twilight Princess, called the Hero's Shade, is confirmed to be the spirit of Ocarina/Majora's Link. Twilight Princess is on Majora's timeline, yet he seems to have been an adult. There's also more things in Twilight Princess that hint towards the Hero of Time, yet couldn't have been his if he didn't live out to be an adult like the 'Hero's Bow'.

So this guy just watched the sixthe sense and played limbo andis trying to transfer his new knowledge to zelda?

In Miyamotos universe there is room for hidden dephts but not for morbid ,subliminel massages.
The other problem:inside the Zelda timeline incl. parrallel universes there is no room for link to be dead in MM.

This is like in so many song-lyrics where so many things can be interpreted(like genesis carpet crawler being a metaphor for a sperms journey) and in the end in the most cases it turns out that the author didn really't cared about what he wrote