I posted a rough translation from the Famitsu article about Phantom hourglass recently, but now we have an updated version that makes a lot more sense:

The story kicks off when Link’s friend Tetra, leader of the pirates, get abducted by a ghost ship. Now Link must go rescue her! This week’s issue of Famitsu introduces the underwater shrine that you go adventuring in. The catch is the place is cursed and your HP will drop slowly while you’re in there. And that’s where the Phantom Hourglass comes in. Using it will protect you from the curse for a limited amount of time. But how do you refill it? Well, you’ll have to go around exploring islands marked out on your sea charts and defeat bosses to get some more “Sands of Time”.

This game sounds amazing! I can’t wait till Phantom Hourglass comes stateside.