The episode opens with a celebration at the monument and ends up somewhere nobody planned: back in the water level, then back at the very start of the map.
Celebration mode
First the orange wool goes on the monument, then the diamond block. Next come emeralds 40 and 39. That means they missed one in the orange area, which, they decide, is not too bad. Then the black wool from last time. Pretty much beat the game, one of them says. The spare orange wool gets chucked into the lava, because that's tradition.
The iron block still isn't on. They have enough iron for it, but they're still using it.
The box nobody opened
Now they need one of the wools they haven't found. There's the nightmare level. There's also the question of where the guardians were, back in the water area. JJ in the chat says to go back to the water level, so they do.
There's a box there they never opened at all, with a skeleton spawner on top. Inside is a full set of Sapphire armor: leather, with Respiration on the helmet, Depth Strider on the chestplate, Aqua Affinity on the leggings and Feather Falling on the boots. The stats aren't great, but wearing all four gives you speed. Scoti puts it on and is suddenly very blue, and very fast.
Forty-seven iron
With Aqua Affinity, Scoti is the one who should mine underwater, and there's iron all through it. One of them gets 38, the other 6, then 7, and a couple more turn up to make 47. One of them offers to hold onto the other's share in case he dies.
This wasn't the plan for the episode, one of them admits. They probably skipped this whole section the first time because they were busy going after a wool.
Back to the beginning
The chat reads Scoti_Garbidis was blown up by Creeper, then that he fell from a high place. He had just broken the combat bed and hadn't put another one down, so he respawns at the very start of the map. Someone suggests calling the episode Back to the Beginning.
While Basket swims through a max-spawn cave full of creepers to save his stuff, Scoti reads the rules sign in the lobby, finds some bread in the first room that they missed the first time, and waits by the button that takes him back. Basket gets the four Sapphire pieces and the Onyx chestplate to him. The lesson, as one of them puts it: don't break a bed and then jump in lava.
Guardians in the lake
Back in the water, they take out two guardian spawners, though at least one guardian is still in the water. From what they can see, the next level is at the bottom of this lake. Then the chat reads BasketMC fell from a high place, and Scoti goes to grab his stuff. Another 14 iron comes up out of the lake, and the episode ends with a trade of a sword for some chicken.