Use the arrow keys to float around. You can't touch the watch light or anything red even ONCE or you will die! Get the key behind the spotlight to the lock above the spinning X first. Then get the ones down below. Oh, yes, I almost forgot, after unlocking both gates, the watch light and spike ball speed up.
All music credit to Daniel Tidwell"s "Final Fantasy Mystic Quest 'Boss Battle'" song. Sound effects from scratch sound library. Even I can barely beat this, but I've done it before. It's possible.