All wrestlers:
Press UP, UP, DOWN, DOWN,  LEFT, RIGHT, LEFT, RIGHT, Y,  Y, 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.

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.

Robert Gibson and Ricky Morton:
Win the tag tournament.

Sabu:
Successfully complete career mode as The Sheik.

Bonus arenas:
Successfully complete the game in career mode to unlock the Back Lot, Gym, Beach
Resort, and Casino arenas in exhibition 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.