Unlock Rowdy Reiko:
First, play as Reiko Hinomoto and win the championship. Then play as Evil Rose and take the belt from Reiko. Lastly, win the reward match against Rowdy Reiko to unlock her.
Unlocking other Alter-egos:
To unlock an alter-ego, win the title with your chosen character (I.E. Aisha). Then, as another character, (I.E. not Aisha) take the title from the chosen character. After you win, you'll play a bonus match against the chosen character (the former title holder at this point). Win that match to unlock the chosen character's (in this case, Aisha's) alter ego.
Unlock Becky:
Beat Candy Cane ten times using Miss Spencer.
Unlock Yasha:
Beat Benikage ten times using Anesthesia.
Unlock Noble Rose:
Beat Evil Rose ten times using Reiko Hinomoto.
Unlock Lady X:
After 7 characters have held the championship belt, some reward matches will appear. Beat Lady X in the reward match, then purchase her in the shop under 'others'.
Unlock Lady X Subsistence:
Beat the Lady X/Dr. Anesthesia tag team in a handicapped match. Once again, she's in the shop, under 'others'.
Play as Non Non the bear:
Highlight Black Belt Demon at the character select screen in exhibition mode, hold LT and press A.
Play as Sebastian the clown:
Highlight Mistress at the character select screen in exhibition mode, hold LT and press A.
Unlock swimsuits:
Play as any defualt character in their swimsuit costume for several matches. Before too long you'll be able to buy everyone's swimsuit in the shop for $9000.
Photo Shoot:
Earn 8,000 smackers and buy the camera in the shop.
Sound test:
Get 9,000 bucks and buy the audio set in the shop.