Once you have a clock and the directions, head to the marsh. Use the clock with the raft.
Now you have a compass and a clock face on your screen.
Get on the raft. On each new screen, look at the clock face. Compare the time shown on the clock to the directions you got from Pegnose Pete's house. Go in the direction that matches the time shown on the clock. (These directions change from game to game, so I cannot simply tell you what directions you need to go when.)
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