Go to Grand Prix mode, Driver Select and enter under under Edit Driver(first word as first name and second word as last name)

Password	Effect
BILLY BONUS	Unlocks all 4 bonus tracks.
BLOOMIN ARD	Expert Mode.
BOX CHATTER	Cartoon avatars represent the commentators.
CATS DOGS	During rainy weather all raindrops are replaced by frogs.
LITTLE WEELZ	Huge tires.
OEAN ALESI	Skip to Round 16.
PI MAN	All cars change into WipEout-like ships.
SWAP SHOP	New sound effects.
SWINGING SIXTIES	Unlock bonus track: Early 1960's version of Silverstone in black and white with cars of the era.
TOO EASY	Instant Victory.
VIRTUALLY VIRTUAL	Virtua Racing style flat shaded graphics.
ZOOM LENSE	Monaco GP style top down view with colorful graphics.