Cheats:

 Type at the title screen:

 RUSH - Silly ships

 Type at the main menu:

 XTEAM - Enable Piranha team
 XCLASS - Enable Phantom class
 XTRACK - All tracks

 Pause the game during a race and type:

 PSYMEGA - Infinite weapons
 PSYPROTECT - Infinite energy
 PSYTICKER - Infinite time
 PSYRAPID - Machine gun
 FRAMERATE - Display frame rate