Highlight the survival mode option, then hold Start + Triangle and press Circle.
Play as Krizalid
At the character selection screen in team versus or single versus modes, highlight the random character icon. Then, hold Select and press Circle, X, Triangle, Square. Krizalid will appear below the random character icon. Note: Highlight any character, then hold Start and press Square, Circle, X, Triangle, Square in the Japanese version of the game.
Bonus characters
At the character selection screen, highlight the normal version of one of the following fighters, then hold L1 and press any button:
Evil Rugal Berstein
'95 Kyo
Real Bout 2 Terry Bogard
Real Bout 2 Andy Bogard
'94 Joe Higashi
'94 Ryo Sakazaki
'94 Robert Garcia
'94 Yuri Sakazaki
Evil Yashiro Nanakase
Evil Shermie
Evil Chris
Real Bout 2 Mai Shiranui
Real Bout Bout 2 Billy Kane