There are no specific Cheats in the American or European versions of FFVII, but there are plenty of GameShark Codes

Junon Port

In the parade if the viewing audience is 40% you get 6 potions and if under 15% you get a grenade.
In the next event you get a HP materia with 70%, and a sword for cloud with 80%.

Underwater plane

Be sure you explore the crashed Gelnkia in disc 2 or 3 because it contains several valuable materias, including the Double Cut, one of the most valuable materias in the game.

Secret area for Vincent

If you have Vincent in your party and you already have the submarine Go to Lucrecia's cave . It is located behind a waterfall lagoon in the Nibel area.
You'll learn about Vincents past, and also recieve Vincent's ultimate weapon the Death Penalty, and his ultimate limit break the Chaos.

Sector Five Key

If you go excavating in Bone Village (on the 2nd Disc) in the northernmost continent you can pick up the key to sector five.
This allows you to re-enter sector five anytime you want, without having to use the parachute.
There are several items hidden away in Midgar, including Tifa's best weapon, and a Turtle's Paradise Flyer.

W-Item Trick

Once you have picked up the W-Item Command Materia in Midgar on the 2nd Disc, you can replicate unlimited Items!
Do the following in a battle :-

• Choose W-Item.
• Select the Item that you want to replicate, e.g. Potion.
• Select another Item.
• Press the Cancel Button.

If you missed the W-Item Materia and you are on the third disc, go to the Bone Village, and dig where the X is marked on the bottom layer.

All Lucky 7's

Any character whose HP are reduced to 7777 after an attack gets the All Lucky 7's effect. The character goes into a mad rage and begins attacking every enemy like crazy until they die.
To get this effect, first of all, you need to get that character's HP over 7777, so this effect can only happen to high-level characters or those equipped with several HP Plus Materias.
It also takes quite a bit of luck because the enemy's attack needs to reduce your HP to exactly 7777. Also, this effect can't be carried over to another battle. Any characters whose HP is 7777 after any battle will, next battle, have their HP reduced to 1!

Chocobo Racing Tip

While racing the Chocobos, R1 + R2. This will increase your stamina meter on the right, and help you to win.

Infinite Ribbons

In the Northern Cave you often have to fight a small guy with a Yellow Star above his head, if you Morph him he will turn into a Ribbon.