So many things I always heard, but were either not in the game or were removed for technological reasons/put in later after they had become 'legend'.
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Sea Monsters in the Ocean of Tears (High level sharks, sure. And the Allizewsaur on it's own little island) that would glitch through the boat and kill you if you went near the railings.
The megalodon in Lake Rathe (Believe this was in early, but was removed due to bugs, then later added as part of the Shaman(?) 1.5/2.0 Epic quest).
A Clockwork Dragon underneath of Ak`anon (Did they ever add this?)
A secret entrance to the dragon spine mountains (Not in the game, later ended up being an expansion?)
A 'monster' in the lake in Kithicor Forest that could aggro on you if you ran the wall on that side of the zone. (99% sure this one was an urban legend)
Everyone and everything being tied to the Ancient Cyclops spawn. My favorite was that, supposedly, killing Dragoon Zytl in Western Commonlands caused it to spawn - So whenever I went through the zone, I murdered him if he was up. That and for sweet revenge for all of those times her ganked me while I was doing Dervish camps.
And of course, all of the jokes about zone lines 'changing' sometimes - Burning Woods comes to mind, but I heard all sorts through the years.
Ahhh. Memories. Selling: FIVE Bags of Twink Gear at T2!