Well, I just won the Kalu'ak fishing derby fishing in the Frozen Sea. I'm currently lvl 45 (Mage). Here's how I did it.
About an hour before it started, I took the boat from Stormwind to Valiance Keep. I was mounted on my swift steed. As soon as the boat gets off the shore of the Borean Tundra, I drank an Elixir of Water Walking and rode off the boat and across the sea to the last set of icebergs. I found a pool next to an ice flow, and camped on the ice flow. This took a total of about four minutes before I camped.
I signed back in and just as the derby should have started (you get no yell in the Frozen Sea), I started fishing the closest pool which was the furthest one out. I just kept fishing them until my Elixir of Water Walking just about ran out, then I drank the second one (I have a huge stash of these things in my bank account). The second pool I fished from there, on the third cast up came the black tip shark. My Hearth Stone is set in Dalaran so I teleported to Dalaran, exited the Silver Enclave, mounted my steed and ran up to Elder Clearwater. Right clicked immediately and quickly chose an item to finish the quest because it looked like there were two other people there at the same time about to talk to him. total time was probably 7 minutes from the start of the derby.
I took the Boots of the Bay so I don't have to set my hearth stone in Booty Bay every Sunday. This way, I don't have to die and go on a ghost run to leave my hearth stone in Dalaran any more. It can just stay there.
I'm going to keep doing this derby because I'd like the ring, too, and I can still get loot if I fish up a Black Tip Shark and somebody has already won.