I know the smiley face picture under karazhan has been discovered but I found a very easy way to get under karazhan I thought I'd share with you all.
First from the front gates of Karazhan go left as shown in the picture, to the back of the Karazhan building then follow the path on the pictures.
Once you get to the circled part, you just want to simply walk through the hole in the floor and you will drop down under Karazhan
I tested this with a night elf female so I'm not sure if all of the other races will fit through the hole.
Enjoy
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