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The name currently in use is a fan designator. Please see below for more information.
The Waterfall level is a cut level from Crash Bandicoot.
The level is mostly a side-scrolling level. Enemies such as skunks, venus fly traps, and the cut hyena enemy appear with the hyena remaining stationary/frozen, as it has no attack pattern coded. This renders it unable to attack Crash so it doesn't pose much of a threat. On the waterfall, there are many rotating platforms. There are platforms that require Crash to run up them quickly, otherwise he would slide off them (much like the stairs in The Great Gate). There are small rock platforms sticking out of the cliff that Crash can bounce up and down on which were cut from the final game. These platforms act much like the arrow crates and trampolines found in this game.
A similar type of rock platform is also featured later in this level but this time, when Crash jumps on them, they crumble (as small rocks can be seen falling from the platform) and fall meaning that Crash must quickly traverse this section of the level. In the last portion of the level, a log is found and Crash can stand at one end and a rock falls to the other and this catapults him skyward. There are also bouncy red/brown mushrooms featured here (that were also cut from the final game) and Crash can bounce on these to gain momentum. In one scene, Crash goes behind the waterfall that was previously just part of the scenery. Since this level is unused, the beginning of the level is filled with scrapped, unfinished pieces of scenery.