To unlock ring select and health meter length play 500 matches.
To access Hyper Mode, beat 11 targets in Survival Mode or beat all course with the same character.
To activate this option, you must defeat a certain number of opponents in Survival Mode. The number is somewhere between 21-28.
NOTE: You must disable all cheats or this trick won't work.
Delete all your Fighters MegaMix save data. Now beat course A-H but not I. Then place O.K. marks on 1200 moves in training. Now go to course I and press L. You'll enter a screen full of question marks. The object is to find the two matching pictures. Beat it once to get a picture of Janet. Beat it again to get a picture of Janet without armour.
It's a little tricky to get off during a match, but the effect is still cool while practicing by yourself. Make your opponent stand one step away from the wall by tapping forward twice. Make sure that they have minimal life. Then, hit them into the air, like with Candy's kick with K+D or Jeffry's uppercut with Back+K+P+D. It impales them on the top of the wall.