This password has four known effects depending on how you execute it - the password is 7443 2241 1221. Regardless of what you do, it will sound as a "wrong" password, but the effects take effect nonetheless. If you enter the password without going into the demo, the game will hang upon gameplay beginning. If you enter the black screen moments prior to the demo, then go on and enter the password, you simply start with 10 health. If you go into the demo once, then exit it and enter the password, you'll start with all weapons, 32 health, and zero lives. Finally, if you enter the demo, wait it out, then press Start in the black screen prior to a second demo, you can enter the password to start with 10 health and all weapons.
Must have Heart Tanks, Sub-Tanks, enemy weapons, and power-ups. Then, go to Armored Armadillo's level. Reach the final mine cart, which launches you through the air at the end of the level. Just before you reach the wall, jump up and climb the wall. At the top, there will be a large Energy Unit. Get it, and then jump into the pit and die. Repeat this step five times. On the fifth time through, a capsule will appear on that same ledge. Dr. Light will then give you a Ryu-style fireball for Mega Man to use.
Select the password option at the title screen and enter the following in the 3X4 grid, inputting the password from left to right, starting from the top left corner:
Some stages are a little different if you beat a certain boss first. If you beat Chill Penguin, the Lava in Flame Mammoth's stage will be frozen. If you beat Storm Eagle, the lights in Spark Mandrill's stage will flicker on and off. If you beat Launch Octopus, Sting Chameleon's stage will be partially flooded.
Dash while firing your uncharged X-Buster to cause the shot to deal double damage. This is useful when you don't have time to wait for a shot to charge.
Get three sub-tanks and make sure one of your special weapons has less than full power. Then, with the weapon that has less than full power selected, grab a weapon capsule and immediately hit start. If you did it right, you'll have a fourth sub-tank. Fill it using the same method, just don't over fill or you'll delete it and your third one. It recovers health just like the a normal one.
This is done by not getting the arm Power up in Flame mamoth's stage.