What is the fastest way to get lives?

This is my personal favourite way:

Go to level 3-2. Play the level until you get to the section with 4 bullet bills with a green warp pipe in the middle. Keep hopping on the bullets shot at you without touching the ground (hint: utilize shaking the Wii remote to stay in the air slightly longer). At first you will only gain points, but eventually every bullet bill you hit will get you a 1-up. It might take a while to get the hang of, but it's worth it.

Here's a video of the process.

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You can also gain 1-ups quickly in level 2-3. At the very end of the stage, you have to run as far right as you can on any stair. Then, jump so that you land on the Koopa that is falling down the stairs towards you. After that, don't press anything. This method is much easier (if you can time the jump properly) as you just have to let your character jump on the shell repeatedly. Here's a video of this one.

Go to World 6 and get hit by one of the Bullet Bills on the map to go to that toad-saving minigame. Try to get all the toad balloons without touching any Bullet Bills. The more Bullet Bills are on screen at the end, the more lives you get. I usually get 2-3 lives per attempt and very rarely walk away with none. It's pretty simple and very easy to repeat and practice.