This trick works for any world and in any level, the exception being the home levels. If you fall off a cliff, ledge, etc., hit pause and exit the level. This way, you end up at the portal to that particular level in the home level and thus have saved your life.
During gameplay, pause and go to the inventory screen and press SQUARE(2), CIRCLE, LEFT, RIGHT, LEFT, RIGHT, CIRCLE, UP, RIGHT, DOWN. You will now have access to all levels when you go to the balloonist.