Sega Ages 2500 Series Vol. 24: Last Bronx: Tokyo Bangaichi Cheats :
Code - Play as Red Eye
On the character select screen, enter RIGHT, RIGHT, LEFT, LEFT, UP, DOWN, UP, DOWN, UP, DOWN, START. If done correctly, you should hear Red Eye's laugh. After hearing the laugh, press any attack button. Holding START while selecting Red Eye will get his 2P outfit. Instead of the character your cursor is on being selected, Red Eye and his portrait will appear.