Toady Toad Bay is the third level of Super Releasio 64 and it's variants. It is a lake.
There is an abandoned pirate boat here. It used to be a significant trading port but Toady Toad Bay was walled off due to landslides. It is completely isolated. The only living things there now are a few Toad-oombas, who were inside a cave when the water level rose and blocked the exit. They are trapped there forever. The only other thing living here is the Toad-eel, which is a Traitor Toad.