To get the Mega Glowbo, first you must have the Ice Key and you must know how to use the Talon Torpedo ability. Once you have the Ice Key and this ability, go to Glitter Gulch Mine and hit the switch near the entrance to open the grating which leads to the Water Storage area. Run to the grating before it closes and go inside. Talon Torpedo the big boulder underwater and go through the tunnel into Hailfire Peaks. Climb up the small hill and unlock the Ice Chest to get the mega glowbo!
Once you have gotten Hailfire Peaks unlocked, go to the ice side of it. Search around until you see Boggy's hut (it's a giant igloo). Go inside and look at the TV that Boggy is sitting in front of. You should see this white man with a hat and nothing but pants on. This is Mr. Pants, by Rareware.
Go over to Banjo's house and look to the left outside the gate. You'll find a large boulder in which you must bill drill. Once you bill drill it, a goldfish will be inside. Collect it and drop it off into the moat around Spiral Mountain. In return, you'll learn how to swim faster (Press A+B while underwater.)