Speak to Redbeard Frank and ask him to hook you up. Redbeard Frank will tell you that you need to get Emily to join you at the Rising Sun Tavern. There's Emily in the tavern crying. You ask her what's wrong, and she tells you that she is going to have OSRS gold to shut down the tavern because she isn't getting enough buisness. She states that she needs 5,000 GP to keep it open. You can ask her to give her $5 if she's willing to go on a date with Redbeard Frank. she says yes. Pay her the 5k and inform Redbeard Frank. After that, he'll give you his hook.
It is now time to buy a Jug of Wine, and an Asgarnian Ale. For the Karajama Rum you will need to sneak it into the country using the Banana Plantation like you did in Pirate's Treasure Quest. The last item is the peg leg. It can be obtained by asking Longbow Ben at the Rusty Anchor Pub. He claims that his golden peg leg was lost in the sinking of his ship by another pirate. He has promised to return his golden peg leg if you get it back. His ship was sunk close to the fishing platform, so go there.
Be sure to bring the Fishing Rod with you! After you have reached the Fishing Platform then head over to the southernmost fishing location and cast your line. Longbow Ben's golden peg can be discovered after you've caught several fish. Bring it back to him and he will give you his peg leg. Bring all of the items to Trader Stan. Stan will then give you another task. You must kill the Sea Serpent who sank a vessel that was carrying half of his trade supplies.
Take your top range of mage equipment and start sailing on Trader Stan’s Vessel. It has been equipped with 2 cannonsand 2 catapults and has been fixed with Runescape 2007 gold an Rudder. There are only 50 Cannon Balls and 50 Large Rocks which is why you must utilize them effectively. After the captain has you to your location close to Pirate's Cove - Wait for about a minute and then the Serpent will apear. It only takes just a few seconds to keep him above water, so make sure you take your shots with care. After the ferocious battle, Bring the serpent's head to the Trader Stan. Congrats! Congratulations! Challenge!