All Challenges
Highlight Driver Williams and change his name to Driver Pandora. Then select challenge as your mode and enter file 4 (it should say cheaters special). You now have access to all of the challenges including the ultimate one.

Car Gallery
Go into Exhibition mode and select Driver Williams. Using your Control Stick, edit his last name to "Museum." A new GALLERY option will appear.

Control the Camera During Replay
Press C-Up to control the camera during replays. You can now control the camera by pressing UP and DOWN on the d-pad.

Ghost Racer at San Marino
Beat something like 1 min 23 second at San Marino and a ghost racer, an old-style Mclaren, will begin to race along side you.

Gold Racer
Go into Exhibition mode and select Driver Williams. Using your Control Stick, edit his last name to "Pyrite." Exit all the way to the Start screen, then re-enter. A new Gold Driver will be available in Exhibition, Time Trial and 2 Player mode.

Hawaiin Bonus Track
Go into Exhibition mode and select Driver Williams. Using your Control Stick, edit his last name to "Vacation." Exit all the way to the Start screen, then re-enter. You'll find a bonus track after the European Grand Prix.

Shortcut at Silverstone Track
While driving the at the Silverstone track , about halfway to the end of the track, you will notice several grandstands on the left side of the road. After the third or fourth in a row on the left, a hotel will come into view. If you continue towards the hotel, and don't make the turn, you will see a service road. Continue on that road, and it will lead you back onto the main track. You will advance several positions in the race if you do this correctly.

Silver Racer
Go into Exhibition mode and select Driver Williams. Using your Control Stick, edit his last name to "Chrome." Exit all the way to the Start screen, then re-enter. A new Silver Driver will be available in Exhibition, Time Trial and 2 Player modes.

Unlimited Acceleration
Go to gold or silver racer and select rookie and manual. Stay in first gear and you will have a never ending acceleration.

Unlimited Fuel
When you are in Grand Prix mode go to the paddock screen. Put your fuel down as far as it will go. Then when you race you will have unlimited fuel for the next race.
NOTE: This only works in Grand Prix mode.