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Sort-of. However, there is a three day time limit. If you let the three days run down, you will have to restart at the very beggining of the town you first arrived at; losing all your items such as rupees and bombs(except for items such as hookshot, bottles, masks, etc.)

You can avoid this by playing the song of time; resetting the countdown, although again you will lose all perishable items. Save at an Owl, which can be found almost everywhere, and bank your rupees before doing so.

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