Haven't gotten to this stage yet (it is the last stage in the game, after all...) but this is automatically my favorite song in the game.
It's obviously already been posted here somewhere, but I'm pretty much playing through the entire game anticipating the moment I finally fight K. Rool to hear this music.
To be honest, I love every rendition of the count's theme (these, Birth of the Chaos Heart, Chaos Heart), but these two are my favorites.
This music is fitting because it gives you that felling as if something is about to sneak up on you and get you like a ghost. For you information, ghost and haunt is a synonym for wraith, so the word water wraith can be defined to "One who haunts the waters".
http://www.youtube.com/watch?v=tSWvL1gbgHI
This music is so fitting because the music gives you that felling that makes you just wanna say "Who's the intimidating and powerful one now?".