For each menu option, pressing L1/R1 will reveal a code. Pressing the corresponding button combination will give bonus content (listed in parenthesis).

Playable Demos:
2Xtreme (Twisted Metal 2 introduction video)
Blast Chamber (ID4: Independence Day trailer)
Crash Bandicoot (Password for 31% completion)
Formula One (Motor Toon Grand Prix gameplay)
NCAA Football GameBreaker (Easter Egg: Notre Dame all-star team)
NFL GameDay '97 (King of Fighters '95 - Secret Character unlock codes)
NHL Faceoff '97 (Jumping Flash 2 gameplay video)
Rally Cross (Carnage Heart trailer)
Ridge Racer Revolution (Tells you how to easily beat Galaga to get extra cars)
Tekken 2 (Tells you how to do "Super Big Head" mode)

Game Videos:
Jet Moto (Tobal No. 1 Trailer)
Twisted Metal 2 (Secret Swamp level code and level screenshots)