'Infinite' Lives/Lives Underflow Glitch: Sonic The Hedgehog (SEGA Mega Drive/Genesis) ✔
'Infinite' Lives Glitch: Sonic , better known as the Lives Underflow Glitch, which requires a double death to occur in water, Contrary to popular belief, you do NOT need debug mode to use this. The only real downside is that you have to progress fairly far into the game to be able to exploit it.
Why Labyrinth Zone Act 3? Well, you need a level with water, as well as only one life remaining, and no rings. Basically, you need to hold onto one of these poles, and let go of it after drowning, effectively sending you into the spikes (with no rings) and 'losing' another life. You will get a Game Over, but as the game thinks you have also lost another live on top of that. Since Sonic died in two different ways, the game gets confused, and thinks you have -1 lives. As that is not possible, it wraps around to the other end of the code, which is 255. This is now the number of lives the game thinks you have. Essentially giving you 'infinite' lives.
This glitch also works in Sonic 2 as well, and can be done a lot earlier in the game, in Chemical Plant Zone Act 2.