Larger Arenas:
Defeat 10 opponents in a row in Survival Mode to increase arena size on all stages.

School Girl Alice:
Defeat all opponents in the Time Attack Mode in less than 10 minutes to unlock Alice's School Girl costume.

No Guage Mode:
Beat the game with Yugo, level 4 or better.

No Guard Mode:
Beat the game with Gado, level 4 or better, to play your games without any defense at all!

No Lightning:
Beat the game with Long, Level 4 or better, to stop the lightning effects when doing certain moves

Unlimited Replays:
After beating an opponent (any round), hit the TRIANGLE button to view a replay. Every time you hit TRIANGLE you will see another replay

Big Head Mode:
Hold down L2 while selecting your character. The fighters should now have big heads.

Kids Mode:
Hold down R2 while selecting your character. The fighters should now be kids.

More Knockouts:
Hold down Select during the match's final blow. You should see a montage of replays.

Regenerating Life Bars:

Finish the game with Bakuryu on Level Four or above.

Small Fighters:
Go to the Character Select Screen.
Hold R2 and choose your fighter with the Circle button.

Big Arms:
Beat the game without continuing on Level Four or above.

Afterimage Mode:
Beat the game with everybody to access afterimage mode. The game is the same, but your character will have a shadow behind him.

Bonus Options:
Beat the game on level 4 or higher to unlock more options on the Bonus menu.

Change Camera Angle:
Beat the game with Alice, level 4 or better. Now you can change the camera angle, but not during battle. You can only do this at the option screen.

Invisible Walls:
Beat the game with Fox, level 4 or better, to play without the walls showing. The walls will still be there, it's just that they're clear.