I DID have a big theory list ready, but I got logged out after trying to post it and lost most of it. I'll try to recap some of the finer points in shorter form.
These are the theories I like the best so far.
First off, who the may help.
1. It might help Ash complete his Pokédex. It makes a little sence, and it would work.
2. The spell may help Link, if not come back to life, then at least to speak to his friends one last time.
3. This is my take on the Luigi theory. Although Luigi and Mario defeated Nox Decious, perhaps Noxs' soul still lies dorment within Luigi, causing him to become "sick". The spell may completely seperate Decious and Luigi, and possibly prevent Nox from attempting to control Luigi again.
4. Perhaps it helps to cure the evil in Nox Decious' soul. After all, he is Merlin's brother, and I doubt he actually had a choice in his natural thing for evil.
And now, who the coconut may be.
1. I like the theory of the coconut being Arthur; But everyone is saying that it is a new character, so I guess this theroy is out of the question.
2. The coconut is, in fact, a new hero of time, sent to take Link's place.
3. The coconut is Link. If I'm not mistaken, Link was the only one to hear coconut talk before he died? Maybe coconut's voice was a part of Link's subconscious, or somehow linked to his triforce powers, and after being killed by the darkness, the coconut became his way to communicate to the living world. As in, he is unable to pass on, because his soul is still, in some way, linked to the coconut. This would explain how he was able to give Mario the artifact when Mario was "not entirely dead". This also would give a different meaning to releasing whoever is in the coconut; It would not only set Link free to move on from the living world, but may create (Would have to, for this theory to work.) a new character.. A product of Link's moving on.
I'll just throw down a few random ideas here that most likely won't meet the criteria of who the person can't be. Actually... These are full of flaws, so feel free to skip. The coconut could be, this is pretty out there, a real Nox, sealed in the coconut by the evil version, or imposter. It could be Cloud, as I believe Rich panned on him appearing in an episode at one point. Or lastly, it could be a completely new Wizard from, or predating, Merlins time, such as one of Merlin/Noxs' teachers, pending they had any, or someone of great power.
Still, I believe my theory of the coconut just being evil stands a solid chance.. It would launch Mario and Luigi into a new adventure just as the series ends, after wrapping up all of the current events.
But we'll have to wait for it to come out to find out who is right.
I hope Richie doesn't kill himself over this one.. It's the last part, and alot of people are still going to be caught up in the holidays tomorrow anyway, so he should go as slow as nessacary with it.
Merry Christmas Everyone :3