Okay, a lot of people don't understand this theory: Link is not actually dead, but the metaphors are all entirely there. The big thing here isn't so much about Link being dead and he's going through the stages of death, but rather that each race and large event is going through the five stages of grief. This really is not a story about Link - it's a story about the people of Termina and their struggle with understanding death.
We start with the Dekus. Link gets a birds-eye view through the butler's son, allowing him to be a fly on the wall and understanding how they deal with it. They are very angry, not understanding their impending doom. Instead of trying to fix it, they simply lash out. We see the result of this anger, how the monkeys are caught in the crossfire and they suffer as a result of it. This part of Termina shows the result of anger and how it affects outside forces, and pulls others into the unending cycle of anger and hatred.
Then we move to the Gorons. They are convinced that Darmani will return and save them. In fact, they refuse to believe that they are going to die, and simply deny reality. Their denial puts innocent lives, who can't speak up for themselves, in danger. By denying the inevitable, they end up hurting themselves. But this is natural in the five stages of grief, they are moving along, but not quite there.
Next are the Zoras. We see a lot of bargaining here. There is pleading to bring the temperature to a normal level. They understand that Link, disguised as Mikau, is their only hope. They think that everything will be better if only one little thing is changed here and there, and this bargaining is the third stage.
Then we reach Ikana Canyon. Depression sweeps the landscape. We see this through the presence of the dead. The depression that sweeps the land leaves it inhospitable, and not even the dead can lay to rest. At this stage, they've gone through so much trauma that it seems like there is finally light at the end of the tunnel. We see the effect that this depression leaves on the landscape, and it's meant to be a commentary on the impact of depression.
And that's when Link faces Skull Kid, Majora, and the Moon itself. We finally reach the fifth stage - acceptance. Link has finally helped everyone in Termina reach this point, and he too can accept fate. He has evolved as he has seen through the eyes of the deceased, understanding what it means to truly live and die. His battle finally reaches a peak once he takes on Majora, a manifestation of all of the grief that has wreaked havoc upon Termina. He puts everything Link has learned to the test. He puts what all of Termina has learned to the test. And they succeed, and Majora falls.
And this is why Link goes back in time so many times. From a symbolic standpoint, it is because the people of Termina are not ready to accept fate. They are still experiencing their own grief, their own demons. They can't yet put aside their differences to save Termina. But Link shows them how. And once they understand, they are able to defeat something as colossal as a moon crashing down upon the land.
To really understand Majora's Mask, you have to consider the meaning of each area in Termina, and understand that Link is, and always will be, the link between the player and the game. He isn't afflicted, because he truly isn't there. As far as the people are concerned, he never existed. It was the butler's son, Darmani, Mikau, and the Fierce Deity that came to the people's aid.
Majora's Mask is a game that puts your understanding of life and death to the test. While it has its moments of darkness, it is still a story of the ability of man to rise above challenges. It isn't what Link did for these people, it's the courage that he gave these people. They were in a dark place, and he arrived in an image that was significant to each of them. Whether it was a son of a butler, a Goron hero, or even a guitarist in a Zora band, it was precisely what those people needed.
Oh man, do people bother to think nowadays?
