Password Screen
At the Options screen, select Game Status, highlight one of the characters and hold L + R.

Various Cheats
RAPID_FIRE = Rapid Fire
HOME_ALONE = Solo Play in Arcade Mode
NO_GRAVITY = No Gravity
GO_MONSTER = Big Wheels
LONG_MOVIE = View All Ending Sequences
MIXES_CARS = Same Cars in Multiplayer
DRIVE_ONLY = No Wheel Attachment Icons
BLAST_FIRE = Super Missiles
UNDER_FIRE = Attract Enemies
GO_SLOW_MO = Slow Motion
GO_RAMMING = Heavier Cars
MORE_SPEED = Faster Cars
QUICK_PLAY = Fast Action
JACK_IT_UP = High Supensions
OLD_LEVELS = *Access Levels from First Game
HI_CEILING = Lighter Cars
NO_CODE = Disable Codes
GO_MAX_REZ = Ultra Rez Options (Requires RAM Expansion Pak)

Special Attacks
Interceptor Missiles
Attack 1: Up, Up, Down, Machine Gun
Attack 2: Up, Up, Up, Machine Gun
Attack 3: Up, Up, Right, Machine Gun

Bull's Eye Rockets
Attack 1: Up, Down, Down, Machine Gun
Attack 2: Up, Down, Up, Machine Gun
Attack 3: Up, Down, Right, Machine Gun

Sky Hammer Mortar
Attack 1: Down, Down, Down, Machine Gun
Attack 2: Down, Down, Up, Machine Gun
Attack 3: Down, Down, Right, Machine Gun

Brusier Cannon
Attack 1: Down, Up, Down, Machine Gun
Attack 2: Down, Up, Up, Machine Gun
Attack 3: Down, Up, Right, Machine Gun

Roadkill Mines
Attack 1: Left, Right, Down, Machine Gun
Attack 2: Left, Right, Up, Machine Gun
Attack 3: Right, Left, Right, Machine Gun

Brimstone Burner
Attack 1: Right, Left, Up, Machine Gun
Attack 2: Right, Left, Down, Machine Gun
Attack 3: Right, Left, Right, Machine Gun