To unlock:
You have to:
Heavyweight Belt Tour
Win the Heavyweight Title
TV Belt Tour
Win the TV Title
Tag Team Belt Tour
Win the Tag Team Title
Toughman Belt Tour
Win the two player career mode
New custom stuff
Beat one player career mode on the hard with a Custom Wrestler
You have to win the Heavyweight Belt Tournament on hard with:
Joey Styles
The Sandman
Joel Gertner
Mikey Whipwreck
Lou E. Dangerously
"Beautiful" Billy Wiles
Paul Heyman
Dusty Rhodes
Cyrus The
Virus Rhino
Jim Molineax
Rhino
John Finegan
Angel
Bill Alfonso
Tony Devito
Judge Jeff Jones
Jack Victory
William F.
Balls Mahoney
Valkyrie
Jazz
Shaman Chris
Chetti
Esophicus Yoshiro
Tajiri
Doug Gentry
Masato Tanaka
Candy Girl C.W.
Anderson
Booger
The Prodigy
Helia Monster
Jason
Gabe S.
Lance Storm
Rob Feinstein
Danny Doring
Martian Boy
Tommy Dreamer
Mad Goat
Electra
Jester
Francine
Jan E. Regan
Little Guido
Kid Steve
Corino
The D I Justin
Credible
Sally M. Dawn
Marie
Trainer