On an island
At the beginning use Jack's compass and pick the upper treasure (the one with the skull).  Follow the tracks till you reach the banana tree. Hit the trunk to get a banana. 
Give the banana to the monkey (it will run away at the beginning) and take the spade.  Look for another object - the bonfire (the object on the right on the compass). Put the wood lying nearby on the green panels and put the bricks. 
Go underground by destroying the padlock at the hatch next to the banana tree.  Jump on the barrel and roll it onto the mechanism at the edge. 
Grab the chain as Elisabeth. The other person needs to grab the other chain.  Jump on the green bars to the right. 
On the other side of the chasm go right and destroy the sarcophagi with skeletons. You will find a winch in one of them.  Put it in the mechanism next to the bridge. 
Go right across the bridge as Sparrow and activate the mechanism using his sword.  Climb the ladder and chase the monkey. While on the shore use the spyglass.  Observe the soldier in a blue uniform.
The second day
In the morning go to the beach, destroy the golden wheel standing in water and rebuild it.  Destroy also other elements near the wheel - the wooden bricks. 
When you build the catapult the monkey will destroy the wooden hatch - put it in bales and take to the catapult.  Use the golden helm to fire the missile. 
Going underground again
Go again underground and watch the cut scene with the ray of light. Build a mirror using the scattered bricks.  Get to the bridge and jump on the platform with helms. Move each 3 times to reflect the ray further on the left. 
Go to the left and arrange the pile of blown bricks.  Move the mechanism to blow up one more explosive. 
Go left and assemble another object - a narrow bridge this time.  At the escarpment on the left lift the wood and carefully take it on the right using the planks. 
Put the wood in the elevator.  When the materials go up lift the mirror lying under the elevator and put it near the exit to the surface. 
Move the mechanism to light the new mirror (the ray of light will escape the cave).  When you go back to the surface take the wood from the elevator to the bonfire. Put the blocks on the green floor panels and put them into fire.