One strategy for Troll Marsh Level 2, Death Awaits Below, is to drop the jagged block of ice as a shield from the spikes below. To earn par, cut the hammer and rope simultaneously. The treasure chest can be released separately for the coin objective.
If you have a different strategy for completing this level feel free to leave a comment below.
Completed this level with 3 cuts:
1. Cut the hanging ledge at it small neck so it falls down and makes a slide to the viking ship.
2. Cut the rope and ice holding the chest in the same slice
3. Cut the hammer so it hits the viking and send him through the coins and into the ship. Sometimes the second viking pushes the first into the ship.
You can get all five coins in two cuts. Cut the bottom block of ice to cover the spikes. Then, maneuver the screen to show both vikings as well as the chest. Make one large swipe from the top portion of the ice mallet to the end of the chest ice block. That will take a small piece of the mallet ice off, but still leaves enough mass to knock the viking across the screen.