Press Up(2), Down(2), Left, Right, Left, Right, Y(2), X at the main menu. 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.
Press Circle instead of X at the character selection screen.
Captain Lou Albano:
Successfully complete career mode with a wrestler in the "Hated" category.
David Von Erich:
Successfully complete career mode as Kevin Von Erich.
Successfully complete career mode as Terry Funk.
Fritz Von Erich:
Successfully complete career mode as Kerry Von Erich.
Win the versus tournament.
Successfully complete career mode with a wrestler in the "Loved" category.
King Kong Bundy:
Win the Southeast Territory in career mode.
Michael Von Erich:
Successfully complete career mode as David Von Erich.
Win the Tag Belts in tournament mode.
Robert Gibson and Ricky Morton:
Win the tag tournament.
Successfully complete career mode as The Sheik.
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.
Hint: Increase SmackDown meter:
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.
Hint: Skip matches in career
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.