@idiocy97 lol, i got stumped there too. You can still leave. Just go back to the owl's nest, then to the frozen monster, then to the place with all the water. Go into the door on the right, up the stairs, then across the water and up those stairs.
The chest a little across the water in the first dungeon can actually be gotten without the conch. If you dash with your sword, you can get across without drowning. Takes some tries though.
I think it would be cool if the good creeper from academy is added to here. (Although, it would be controlled, meaning that it flowed the way that you indicated and could be vaccumed to refill the power bar.)