Every night time stars fall from the sky. Collecting ten of these increases your maximum mana. On normal terrain this can take a long time and can be a risky in pitch-darkness. By creating a Sky Bridge (by making a ladder around a hundred or so blocks in the air and laying down stone or dirt in a straight line), you can create a long stretch of land for the stars to land on. With a speed-increasing item such as Hermes Boots or Necro Armor equipped, you can travel the length of your bridge while collecting stars very easily. Zombies will still spawn on the bridge and you might get the occasional harpy or demon eye, but you won't have to deal with rough terrain, chasms, water or anything that spawns from the corruption.
Each randomly generated world comes with at least one floating island, which contain a chest with unique loot and are interlaced with gold and silver ore. Finding a floating island is hard as the altitude depends on the size of the world you created, but building a "sky bridge" can help. On small worlds, building the bridge at about 200 blocks above sea level will put you within sight of an island. Keep an eye out for vines floating in the middle of the sky, as that's the bottom of your island.
The Eater of Worlds is a difficult boss if you're not prepared. A good strategy for taking it on is to build a large enclosed arena a couple dozen blocks above wherever you plan to summon the boss from. This will keep smaller enemies out and the gap will give you enough of a warning to allow you to avoid most of the boss's attacks. Bring a lot of Shurikens if you don't have any flail weapons yet, as they will deal the most consistent ranged damage.
Equip the following equipment: gold helmet, a frost chest plate, and frost legging. Also have the black and blue flame dye on all armor pieces. You will receive special vanity effects, which is a reference to Red's armor as depicted in the 1.2 Random Happenings trailer.
Everyworld has an Underground Jungle and a Dungeon swarming with very difficult enemies and very valuable items. They are found just before the "ocean" at the edge of the world. If you walk in the same direction long enough you will come across one of them. The other one will be at the opposite end. So, if you walk west and find the Underground Jungle, to the east you'll find the Dungeon. Take strong armor, plenty of potions and maybe even a friend or two as they can be quite difficult.
Note: Save your progress and make a backup of your save before attempting this; alter game files at your own risk. Deposit the item you want in a chest, then save the game and exit. Go back in the game,withdraw the item you want to clone, and put it in your inventory. Wait 5 min (very important), then close the game via Alt-F4. Go back into and there is your cloned item. You should now have the same item in the chest and in your inventory.
To cheat the system and receive more life crystals and stuff out of a chest, do the following by using the multiplayer feature:
1. Go to Terraria.org and download their dedicated server program. (Simply scroll all the way down at home page)
2. Use it to start one of your worlds or make a new one. (To join your own server, type "localhost" into the IP address [without quotes]).
3. Search for a life crystal or chest that has something you want to keep getting and save the game through the server command window BEFORE you pick up the item.
4. Pick up the life crystal/chest item and close the server window. You should lose connection In-Game.
5. Re-open your server and join it. You should still have the life crystal/chest item in your inventory.
Rush back to the spot where you found the stuff to see that they will still be there. All you need to do is take the item and close the server without saving, and you can just pick up whatever you want over and over again.
This only works in single player. Get a music box and 2 wooden platforms, then place the 2 platforms 2 squares from the roof of your house.Try to place the music box on the platform. The music box will explode into hundreds of boxes. After that, sell the extra for some easy money and free music boxes.