Enaka reports that if a level 18 blows up the pool themselves, anyone can loot the objects. If a higher-level throws the dynamite, looting is only possible by others between (about) level 13 and 19. Loot is reported to be similar to the Outland Daily quest’s Bag of Fishing Treasures, but there are also other items, including drinks and raw fish. The method seems to work with all pools. Only Ez-Thro Dynamites have been confirmed to work. The Goblin Fishing Pole does not work. Fishing skill is not required. Thanks to schmeg and mikaial20 for letting us know.

The looting process is a bug, but I’m told exploding pools were intended. Such a Goblin approach to fishing might hint at the Cataclysm. Time will tell! Further discussion.

1. Use Ez-Thro Dynamite over a pool

2. Pool explodes and new objects appear in the water

3. Objects may be opened, depending on your level

• [Fixed] Weather-Beaten Fishing Hat’s lure can only be used on WotLK fishing poles (Kalu’ak, Jeweled, Bone).
• High Test Eternium Fishing Line +5 enchant displays as +2 on poles [to be fixed in an "upcoming patch"].

Further discussion.

We are aware of the current issues with fishing. Players who experience the error “Your cast did not land in fishable water” can resolve the issue temporarily by stepping slightly into the water and attempting to cast again.

Standing in the water may help, but is not always a solution – further discussion.