During the challenges supplied by the industrial baron Reaver, the announcer can be heard shouting, "That hobbe is no more, he is dead, he has shuffled off this mortal coil", a reference that would be well-spotted by Monty Python fans as being from the "dead parrot" sketch. John Cleese was the one who made this sketch famous, and also supplies his voice to the Hero's butler, Jasper.
In Mourningwood, there's a grave that reads "Here lies Arnold, he won't be back."
During battles characters will sometimes say "It's just a flesh wound." This is a line spoken by The Black Knight, played by John Cleese in Monty Python and The Holy Grail (1975).
In Mourningwood, there's a grave that reads "Andrzej Zamoyski it's dangerous to go alone. Take this." You get a toy sword when you sit here. It's a Legend of Zelda reference.