At the main menu, press Up(2), Down(2), Left, Right, Left, Right, Y(2), X. After enabling the code, go to the options screen and save your options. This will keep all wrestlers unlocked if you start your game over.
Successfully complete career mode with a "Hated" legend to unlock Captain Lou Albando.
Successfully complete career mode with Terry Funk to unlock Dory Funk.
Successfully complete career mode with Kevin Von Erich to unlock David Von Erich and Michael Von Erich.
Successfully complete career mode with Kerry Von Erich to unlock Fritz Von Erich.
Successfully complete vs. tourney mode to unlock Ivan Koloff.
Successfully complete career mode with a "Loved" legend to unlock Jimmy Hart.
Successfully complete the Southeast Territory in career mode to unlock King Kong Bundy.
Win tag team belts in tourney mode to unlock Mr. Fuji.
Successfully complete tag tournament mode to unlock Robert Gibson and Ricky Morton.
Successfully complete career mode with The Sheik to unlock Sabu.
Successfully complete the game in career mode to unlock the Back Lot, Gym, Beach Resort, and Casino arenas in exhibition mode.
When creating a wrestler, you can make people such as Ric Flair, Hall, Nash and others and the announcer will actually say their names.
During a match, you can quickly increase your Smackdown Meter until it is full, by pressing Taunt. If your SmackDown meter is almost empty, you will have to repeat this a few times. After every taunt, you will see your meter grow a percentage until it is full. Note: When performing a taunt, it leaves you open for your opponent to attack. This is best performed while they are either groggy or on the opposite side of the arena.
When you are in a match in career mode, select "End Match" and you can then go on to the next arena without fighting that match.