Pause the game, press C, A, LEFT, LEFT, A, C, A, B. or CALLACAB for short.
Vectorman will change directions to confirm code entry. You are now invincible and can noclip through most walls, and can damage enemies, but you can not do damage to the TV's or bosses. To return to normal form pause the game and enter the code again.
Press start to pause the game and then press A, B, right, A, C, A, down, A, B, right, A. (ABRACADABRA)