Swash Guy, some friends, and I were privateering last night when Swash wanted to try this one glitch out. (Don't worry, it's not a cheat.) So he took the helm and in seconds, we were INSIDE the island of Avaricia while we were still aboard the ship! I'm not 100% sure how to do the glitch so I would ask Swashbuckler II if you want to know. Here are the screenshots.
I could have took more shots but the lag was absolutley insane.