Yep, there is more than one Link and Zelda since the time line basically covers hundreds if not thousands of years. This was confirmed by Aonuma in the same interview I qouted from in my above post.
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In the beginning of the game, we see Link receive his trademark green tunic. It is explained that Link is the Hero of Time. Just how many Links are there?
Mr. Aonuma: In our opinions, every Zelda game features a different Link. A new hero named Link always rises to fight evil.
I would like to point out that there isn't actually a new Link in every game. Aonuma was just trying to get to the point without getting into messy details. What I mean is that the Link in Ocarina and Majora's Mask are the same and a lot of people feel that the Link from LoZ and AoL are the same. One of my personal opinions is that each new Link and Zelda is a reincarnation of the Ocarina Link and Zelda. I like this because while it's technically a new Link it's actually the same Link. This way you can keep a constant hero throughout the series.
On the other hand I don't believe that there are multiple Ganons/Ganondorfs. There are really many ways for him to have lived so long. For one thing he has possessed the Triforce of Power which while I don't believe would give him eternal life it could have very well increased it. Also the Dark World/Golden Land may be a sort of Never Never Land where you don't age. Also the ending to Wind Waker would have definitely allowed him to stop aging at least for a while.

Finally it's my opinion that he has definitely been resurrected at least once (not counting the Oracle games).
Impa though I believe is a completely different person each time. I think Impa is probably just a title/name for the royal family's nurse maids.
I'm glad that you were able to understand what I was getting at with the different time periods thing. I was afraid it would be a little to confusing. I guess it doesn't matter though since Rick said I was way off unless he was referring to Professional 666 moon/icecap post.
As far as how the games fit together it's kind of hard to say because until after Ocarina was released I don't think that Miyamoto was really concerned about making the story line consistent. Since Ocarina though there seems to be more of an effort to try and tell where the new games fit in the time line. Actually I think it's fairly easy to split the games into groups it is just the idea of figuring out how those groups go together.
Ocarina, Majora's Mask, Wind Waker are definitely related. We know that Majora's takes place 6 months after Link was turned into a child and sent to the second time period and that Wind Waker takes place 100 yrs after Ocarina on the main time period.
Then we have The Legend of Zelda and Adventures of Link which even though it's not concrete I would say they go together on the time line.
Finally you have A Link to the Past and Link's Awakening. Yeah, I know that we have the Oracle games to but to be honest I just feel there are to many contradictions in those games to properly fit with any other game.
Now you just have to decide which order those three groups go in. Actually considering we know for sure that Ocarina is the first game in the time line you really only have to figure out in what order the last two groups go in.