Well, it seems things are like this to me:
Timeline A: A Link to the Past - Fail Timeline
Link fails. In other games if this happens it would mean the end for everyone. But for some reason, this time there are enough competent people who can do something against Ganondorf. What they do? Seal the Sacred Realm (Dark World) because he actually obtained the complete triforce and turned the Golden Land into a nest of evil. How he obtained? This is the real question. Maybe after he defeat Link, Triforce of Courage goes to him. That leaves us to the end of the way: this timeline exist if you get killed in the final battle, crushed by the castle or with a big ganon's sword inside.
The scene at Twilight Princess when the sages seal Ganondorf in the Twilight Realm also occurs in some form in this timeline, while as an adult you "woke up" the sages (Saria, Darunia, Ruto, Impa, Nabooru/Rauru and Zelda) they could have been the ones making that seal ALTTP mentioned, and for some reason Zelda lost her piece of Triforce. Other possibility, is that the awakened sages could have died/been killed (Zelda included, which explains how Ganon obtained the Triforce of Wisdom) and the spirit of those wise people reincarnated in the 'Seven Wise' that A Link to the Past mentioned in the beggining.
This sound logic at some point because in this game you actually need of those sages, not to defeat Ganondorf, but 'only' seal away. You never killed him.
Timeline B: Majora's Mask - Child Timeline
After Link defeats Ganon, he was sent back and warned Zelda or something happens. Ganondorf is arrested and that leads us to Twilight Princess. One thing to mention is about the releationship between Zelda and Link in the scene at Majora's Mask when she gives the ocarina to him.
You can watch here:
http://www.youtube.com/watch?v=rOcBfzrswnA&feature=related
4:00 - Zelda talks about how she knows Link for a short period of time (between Link warned Zelda and Ganondorf being arrested), but feel like she has known him forever (events at Ocarina of Time, but she didn't live those).
The only thing I can't explain is how Link/Ganondorf gets their respective piece of Triforce.
Timeline C: Wind Waker - Adul Timeline
Firstly, the timeline when you pull off the Master Sword from its pedestal it is the same as the one you defeat Ganon seven years later. Basically, the split child-adult could have not been posible if Link stayed in the time when he defeat Ganon. No matter whats happen in the world as a child, seven years later the Hero of Time will appear to try to stop the King of Evil.
But, as Zelda sents back Link, the bump happens. The timeline when you and the sages sealed Ganon has no Link for seven years. Going back could end with two Links seven years later, which makes no sense. So, the split happens becuase seven years later Ganondorf will not be the King of Evil with the Triforce of Power, instead was arrested and sealed at the Twilight Realm.
In the Adult timeline there is no more Hero of Time, and once Ganon broke the seal, ends with a flooded Hyrule.
With this is mind, events in Ocarina of Time occurs in the Timeline A and C, but not B. Difference is in the A you lose, in the C you win.
That was a pretty long explanation, but it's a secret to everybody.
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