In Erasmus' house there is a Sarcophagus tied in with a ribbon, called a Lara Bow (from Colonel's Bequest and The Dagger of Amon Ra)
The town of Spielburg is, of course, named after Steven Spielburg. Sam the beggar makes reference to Amblin, Steven Spielburg's production company.
The most common password to the thieves guild in the game is 'schwertfisch'. Schwertfisch is German for swordfish, which in turn is the password to a speakeasy in the Marx Brothers movie Horse Feathers.
When the gargoyle above Erasmus's house asks the name of the hero, one of the answer options is "Call me Ishmael." This is a reference to Moby Dick.
In one of the few instances of one game making reference to a game by another company, every now and then when the Gargoyle above Erasmus's house asks "What is your Quest?" (obvious Monty Python joke) one of the answer choices is "I want to be a pirate!" This is, of course, a reference to The Secret of Monkey Island by Lucasarts. If you select it, the Gargoyle says "Boy, have you got the wrong game," sends you back down the mountain.
Keep clicking the eye icon on the trees, because you'll eventually get one called a "Daventree". Daventree is the name of the town King Graham lived in from King's Quest.
When you take a look at the lamp in the Kattas Tail Inn, it says "Lamp for rent. Inquire in Quest For Glory 2: Trial by Fire for information."
If you walk right, straight out of Speilburg, then back to Speilburg gates a few times, you'll meet up with the father from the TV series "Dinosaurs"