Most of the cheats that are submitted are wrong and the codes are:
Cheating to Win
Infinite Ammo and Invincibility
For unlimited firepoweer, hold all shoulder buttons, ( L2,L1,R2,R1) and then press Up,X,Left,Circle
Mega Machine guns
To get ur gun on hold all shoulder buttons and press X,X,Triangle
More tricks, tips and cheats for this game are right here - Twisted Metal: Black cheats
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