New Game Patch will have Cheats
[PS3 Cheat by: Toebin ]
There will be a game patch that comes out around October 20, 2008 that will contain/unlock new game cheats.

What the patch will have:

+Cheats
+Six New Characters to play as
+Cross Region Co-Op

There is also rumor of new DLC to be released in November as well.

Mercenaries 2: World in Flames - Extra Costumes/Outfits
[PS3 Cheat by: Toebin ]
Description: Unlocking Extra Costumes

How To:
To unlock the extra costumes/outfitsfor each of the characters you have to beat Fiona's level 3 challenges: Gun Emplacements, Pistol, Grenade Launcher, and Sniper. Each character has 5 costumes/outfitstotal including the default.

Unlimited Money from Winching
[PS3 Cheat by: Cheat Masters ]
In the Winching Challenge, the game sets your minimum wager at 1/20 of your overall money and the maximum at 5 million. There is no cap on the minimum wager, so once you surpass 100 million for your overall money, the minimum wager will rise higher than 5 million. Exploit this to make lots of money. At one billion, however, the wager will cap at 50 million.

Cheat List
Description: Insert the following cheats into your in-game PDA, priming any cheat entry with the following cheat before using the list below for the specified results:
L1, R2, R2, L2, R2, L2, L2, R2, R2, R2, L2.

*** These codes do not work on co-op mode.

Infinite Ammunition	Up, Down, Left, Right, Left, Left
Invincibility	Up, Down, Left, Down, Right, Right
Nuclear Bomb	Right, Left, Down, Up, Right, Left, Down, Up
Refill Fuel	Up, Up, Up, Down, Down, Down
Unlock All Air Strikes (Minus Nuclear)	Right, Left, Down, Up, Right, Left, Down, Up
Unlock All Costumes	Up, Right, Down, Left, Up
Unlock Grappling Hook	Up, Left, Down, Right, Up
Unlock All Supplies	Left, Right, Right, Left, Up, Up, Left, Up
Unlock All Vehicles	Up, Down, Left, Right, Right, Left

Easy Cash
[PS3 Cheat by: Cheat Masters ]
Description: After unlocking the Winching Challenge at your PMC, you can challenge over and over again to earn endless streams of cash.

How to: When you get to the 3rd level, start wagering the maximum amount of cash you are able to. Each time, you will wager the maximum, thereby allowing you to bet even higher the next time around. This increase your potential earnings exponentially.
The challenge never changes, so mastering it is easy enough. The maximum wager is $5,000,000. In 8-12 minutes (or less, if your hand is extra steady), earning $30,000,000+ is totally reasonable. This is definitely one of the easier challenges to earn easy, massive amounts of money on. Give it a go!

100% Completion
[PS3 Cheat by: Cheat Masters ]
When shooting for 100% in all tasks, make sure to complete all outpost missions before you initiate the final story mission (Battle for Caracas / A.N. or China). Once the game is cleared, you cannot initiate outpost missions anymore (which unlocks a faction's shop items).

Extra Costumes/Outfits
Description: Complete level 3 bets at the PMC Villa with your allies. These unlock extra costumes/outfitsfor your mercenary.

How to: Bet the maximum amount of money for the 1st 2 levels of challenge (manually save and reload your game to insure you
win). For the 3rd level of challenge, bet the minimum amount of money. You will need to be perfect to beat a challenge at level 3.

****** you can also have a 2nd player (online only) to assist you in unlocking the final challenges.
In such a case, both players should receive the costume/outfit (remember to save if auto-save is turned off!)

PS3 Cheats for Mercenaries 2: World in Flames

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