Arreat summit:
Traveling to the Secret Cow Level
To be able to create the red cow portal leading to the Secret Cow Level your character must first complete the "Eve of Destruction" quest (the final quest in Act V) on the same difficulty setting.
NOTE: The Secret Cow Level holds a hidden quest: killing the Cow King (sometimes referred to as "milking" the Cow King; see why below). There is a slight downside, however: completing this quest disables the Horadric recipe used to create the cow portal, for that character on that difficulty setting. It works as follows:
Suppose the cow portal has been created and someone (henceforth: "Kingslayer") kills the Cow King. By definition the Kingslayer is the character that lands the killing blow on the Cow King (if a mercenary or any other friendly unit delivers the final blow, it counts for the character (s)he/it serves). Be aware that anyone may enter the Secret Cow Level through the cow portal.
We use the following terminology based on quest status:
a) "Pre-opener": a character who has not yet completed the "Eve of Destruction" quest on this difficulty (and thus cannot create the cow portal yet).
"Cow-quester": a character who completed the "Eve of Destruction" quest but not the Cow King quest on this difficulty.
c) "Ex-opener": a character who completed the Cow King quest in a previous game on this difficulty (and thus cannot create the cow portal).
Only characters INSIDE the Secret Cow Level at the very instant when the Cow King is slain can potentially complete the quest. Now,
(1) IF Kingslayer was a or c, THEN everyone is unaffected, i.e. Cow King quest status does not change.
(2) IF Kingslayer was b, THEN every a and b INSIDE at that time permanently loses the ability to create the cow portal on this difficulty setting.
Note that in case 2 even characters who complete the Baal quest afterwards will nonetheless remain unable to create the cow portal.
Also note that it makes no difference if you are in a party or not. Location: INSIDE/OUTSIDE at the time of the kill is what matters here.
Because of the above: When in doubt, keep out!