This took me forever, but it looks like it could be a lot of fun.
I know it looks really confusing, but the idea is to fly and drop into one of the holes on the top of the cube. The skill comes in by actually dropping in the correct one, and at the right time.
The very middle hole (from top view) has a tube that drops all the way down to the first level on to a small YELLOW platform for 1000 points. Surrounding the yellow platform are black holes that fall out of the cube into the water, so it's important to be the only one falling in that middle hole, or you'll be pushed off.
The eight BLACK holes (from top view) do not go anywhere and have no point value.
The four RED holes (from top view) drop down tubes to the second level which lands on a sloped RED platform for 300 points. If you drop too fast, or are pushed once on the flat part of the platform, you could fall down to the first level where you will land on a BLUE SLOPE and might either stay on BLUE for 100 points, or fall into a blackhole.
The four GREEN holes (from top view) drop down to the second level where you land on a GREEN platform for 50 points. There really isn't anything that can happen to you in there.
The eight BLUE holes (from top view) drop all the way down to the first level where you'll either stay on BLUE for 100 points or you may bounce into the blackhole.
This level would be best in teams mode, where there are a lot of pingoos playing. The more pingoos entering into the cube, the harder it will be to stay on a good point value.