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.