Ride A Dolphin
Go to Dolphin Park in Stunt Mode and pratice your stunts. Cruise around the bay and execute every single stunt that your character is capable of doing and make sure you pass through all the rings. Once all of your stunts have been successfully completed you'll hear a Dolphin squeak as you cross the finish line. Perform all the stunts with the Dolphin, like you did with the jet ski and the Dolphin will be saved for your use at anytime.
Machine Select Screen. Go to the machine select screen and highlight your craft. Instead of selecting it press and hold down the 3D stick and then choose you craft. Keep holding it down and before you know it, you'll be racing on the Dolphin's back.
Ride A Shark
In practice mode go through every ring. Then at the title screen do ten full 360 circles with the analog control stick then you will hear a laugh. You can now ride a shark.
Killer Whales
In championship mode, if you've scored over 35 points before you reach Southern Island, you'll see a killer whale swimming near the pier. Score over 45 points and two babies will accompany it.
Giant Dolphin
A giant dolphin will appear if you play the warm up mode 20 times in a row.
Colors
Highlight a character and push up on the analogue stick to change to player two's colors.
Extra Speed
For extra speed, press the accelerator button just before the announcer says "GO!".
Ride A Submarine
In the player selection screen press A,B,A,Z,B,R,L,A,A,B,Z,L,A,Start. This cheat will allow you to ride a small yellow sub (Twilight City is the best course to use it in).
Gentle Waves And Ramps
Press B just before hitting a big wave or ramp to reduce the amount of air time.
Change view
Press C-Up and C-Down to adjust the zoom, or C-Left and C-Right to change the camera angle.
Slide
Press R to slide on the water.
Fast recovery
Repeatedly tap A after falling off the jet ski to climb back quickly.