Wheezin' Ed is the term used to describe the ghost of a gangster and serial killer named Ed who, according to urban legend, buried his treasure during the era of Prohibition in a cave at Elk Island, and now haunts the island to keep thieves of his treasure out. Though he was not seen, his wheezy laughter could be heard coming from the Elk Island cave after Arnold and company left the island, implying that Ed (or his ghost more than likely, given the time period) was there all along. Ultimately his treasure was never found by the kids or the crooks who were using the island as a hideout to make counterfeit coins.
Urban legend[]
Wheezin' Ed is the hero (or rather the villain) of an urban legend told by Gerald. (see the Legend of Wheezin' Ed)