Toe Jam and Earl Cheats
To find out what is inside mystery presents, find the carrot man. Approach him and give him two bucks to find out what is inside.
Get to the end of the game by collecting all the ship pieces. You will arrive at Planet Funkatron where you can see all of Toe Jam and Earl's friends and family. You can control Toe Jam and Earl while this is happening, allowing you to talk to everyone and walk around.
Collect an unused inner tube, Icarus wings, or rocket skates. Use one of those items on level 1 to cross the water in the lower left corner of the map to reach an island. Take the two presents and fall into the hole in the center of the island to reach a hidden level. Use the hot tub to be healed and the lemonade stand for an extra life. Leave this level by using an Unfall to return to level 1 or fall off the edge to return to the highest level previously visited.
Collect an unused inner tube, Icarus wings, or rocket skates. Use one of those items on level 1 to cross the water in the upper right corner of the map to reach an island with several presents. Use the Unfall available on this island to return.
Approach Santa while he is looking in his bag. Do not move when he looks up. Santa will drop two or three presents if you can reach him.
Pause game play and press Up + A + B + C, Right + A, Down + B, Left + C. A sound will confirm correct code entry. All ship pieces except for the final piece will be present when game play resumes. The final piece can be found on the next level played.