go to a hardcore match with whoever and pick up a weapon use the d-pad to point to the stage and press R1 and it will pick up a weapon from under the ring.
if you use this you get different weapons that u cant get like championship belts, shovles and tons of other things

finish the verses challge u unlock the cheats

play the following # of seasons to earn extras for create-a-wrestler

1)Ivory
2)Prince Albert
3)Jacqueline
4)Viscera
5) 80 Creation Points
6)Mideon
7)Pat Patterson
8)Gerald Brisco
10) 90 Creation Points
20) 100 Creation Points