Press Up(2), Down(2), Left, Right, Left, Right, Y(2), X at the main menu. A message will confirm correct code entry. 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.
Bonus arenas
Successfully complete the game in career mode to unlock the Back Lot, Gym, Beach Resort, and Casino arenas in exhibition mode.
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.
Dory Funk
Successfully complete career mode as Terry Funk.
Fritz Von Erich
Successfully complete career mode as Kerry Von Erich.
Ivan Koloff
Win the versus tournament.
Jimmy Hart
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.
Mr. Fuji
Win the Tag Belts in tournament mode.
Real names
When creating a wrestler, you can make people such as Ric Flair, Hall, Nash and others and the announcer will actually say their names.