Free Play:
Enables free play (unlimited credits) in options screen.
On the title screen, hit Left C, Left C, Right (on d-pad), A, B, Top C, Right C.

Cheat Menu:
Enables cheat menu in the options screen.
On the title screen, hit (on the d-pad) Right, Right, Right, B, B, A, A.

Cheat Menu Functions:
Game Timer:
Enables/disables the game timer.

Easy Fatalities:
Pressing HP+LP+HK+LK will trigger any Fatality.

Player 1 Skill:
Modify amount of damage player one takes.

Player 2 Skill:
Modify amount of damage player two takes.

Level Select :
Allows you to always play at the chosen arena.

Play as Grox:
On the Selection Screen, hit (on the d-pad) Down, Right, Left, Left, Up, Down, Right, Up, Left, Left and choose any character.

Play as Exor:
On the Selection Screen, hit (on the d-pad) Left, Down, Down, Right, Left, Up, Left, Up, Right, Down and choose any character.