This thread will explain the glitches discovered in TLR. http://entropymine.com/jason/lr/

Floating Item Usage: When exiting a ladder to the side, a player can use the gas gun (other items?) on the frame the player should fall. For as long as the player continues using the gas gun, the player will float indefinitely in the air.

Instant Block: When falling rocks from the pickaxe collide with a falling monk or falling player, the player or monk become suspended in the air forever and become obstructing blocks. Players and monks can stand on and cannot move through a frozen monk or player.

Co-op Infinite Lives: Restarting the level decreases the life count of both players. If one player has zero lives and the level is restarted, the player revives at -1 lives. So long as the player does not complete a level and gain lives back to 0, the player will continue to spawn into a level and play normally.