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Cheat menu:
Enter the options menu and select "Gameplay". Hold D-pad Left + Left Analog-stick Right and press Start. The "Codes" selection will now be unlocked at the options menu.

Trash in the streets:
Enter SPRINGER as a case-sensitive code to see trash in the streets. Note: This does not work in the gym.

Easy lay-up:
While doing a dunk, press Square in the air to do an easy lay-up (similar to how the CPU does it).

Bonus teams:
Enter MEGASTARS as a case-sensitive code to unlock the Sega Sports, Visual Concepts, and Team 2K2 in exhibition and street modes.

Duotone graphics:
Enter DUOTONE as a case-sensitive code to have your player in color with all other players in black and white.

Easy shooting foul:
To draw an easy shooting foul, get the ball on offense and hold L2. While holding L2 press either Left or Right, then press the same direction again. The defender should jab at the ball. While they are doing so, press Square. You should draw the foul and get two shots at the charity stripe.

Dancing cheerleader:
Select franchise mode, pick any team, and finish the season. Make sure you make the playoffs. Simulate or play all of the games until you get to the finals. Play the last game of the finals. You can play if desired, but if you think you are definitely going to win, go to the pause menu then choose "Quit" Then, go to simulate until the end. When the game is done, you will see a dancing cheerleader. Then your franchise's team's name will say "Champion" around it.