EDIT: Due to popular demand, I have outdone myself an added a LOT more playable characters to the lineup I had before and have thus changed the name of the deviation even due to the immense inclusion of characters. I think there's something here for just about everybody. There are one or two images that I'd consider crappy, but I worked with what I had, my apologies to the fans. Anyway, here you go!

Mario, Luigi, Peach, Bowser, Toad, Babies, Bowser Jr., Geno, Mallow, Wario, Waluigi, Dr. Mario

Donkey Kong, Diddy Kong, Dixie Kong, Funky Kong, King K. Rool, Link, Zelda, Midna & Wolf Link, Tingle, Vaati, Ganondorf

Yoshi, Birdo, Kamek, Pokemon Trainer Male (Pikachu, Squirtle, Ivysaur, Charizard), Pokemon Trainer Female (Jigglypuff, Piplup, Bayleef, Blaziken), Pokemon Trainer Rival (Meowth, Floatzel, Alakazam, Tropius, Salamence, Arcanine), Lucario, Mewtwo, MissingNo, Samus, Ridley, Dark Samus

Fox, Falco, Krystal, Wolf, Panther, Marth, Roy, Ike, Hector, Micaiah, Lyn, Black Knight

Kirby, Meta-Knight, Knuckle Joe, King Dedede, Ness, Lucas, Flint, Captain Falcon, Samurai Goroh, Black Shadow, Little Mac, King Hippo

Captain Olimar, Pit, R.O.B., Ice Climbers, Balloon Fighter, Mach Rider, Stafy, Mike Jones, Mr. Game & Watch, Isaac, Takamaru, Mii's

Ray, K.K. Slider, Tamagon, Chibi-Robo, Dr. Lobe, Andy, Lip, Saki, Duck Hunt Dog, Sukapon, Captain Rainbow, Captain N

Sonic, Knuckles, Dr. Robotnik, George, Lizzie, Ralph, Yoshimitsu, KOS-MOS, Okami, Leon S. Kennedy, Jill Valentine, Chris Redfield

Bomberman, Yugo, Banjo & Kazooie, Battletoads, Sabrewulf, Conker, Viewtiful Joe, Dante, Snake, Simon Belmont, Robo2001, Rayman

Phoenix Wright, Double Dragon, Bill Rizer, Dig Dug, Earthworm Jim, Arthur, Ristar, Sparkster, Frogger, Glover, Death (Sims), Tetris Block

AiAi, Nights, Akira Yuki, Worms, Sly Cooper, Crash, Jak & Daxter, Spyro, Ratchet & Clank, Carmen Sandiego, E.T., Bubsy

Turok, Terry Bogard, Gordon Freeman, Agent 47, Ryu Hayabusa, Master Chief, Sarah Kerrigan, Lara Croft, Prince, Sweet Tooth, Kratos, DOOM

Liu Kang, Raiden, Sub-Zero, Scorpion, Sonya Blade, Goro, Shang Tsung, Ryu, Chun li, E. Honda, Blanka, M. Bison

Mitsurugi, Taki, Ivy, Cervantes, Sophitia, Nightmare, Armadon, Chaos, Megaman, Zero, Pacman, Mrs. Pacman

Warrior of Light, Firion, Onion Knight, Cecil, Bartz, Terra, Cloud, Vincent Valentine, Sephiroth, Squall, Zidane, Yuna

Black Mage, Sora, Chrono, Slime, Gex, Ty, Aero, Leeroy Jenkins, Joanna Dark, Altair, Diablo, PONG ball

Alan Wake, Niko Bellic, Prototype, Pyramid Head, Lion, Tiger, Wander, The Hero (Fable), Noid, Katamari, Parappa the Rapper, Marcus Fenix

Leonardo, Donatello, Raphael, Michaelangelo, Shredder, Yoda, Darth Vader, Optimus Prime, Megatron, Shrek, Puss in Boots, Power Rangers

Superman, Wonder Woman, Batman, Green Lantern, Flash, Aquaman, Martian Manhunter, Green Arrow, Starfire, Raven, Beast Boy, Dr. Manhattan

Wolverine, Storm, Nightcrawler, Gambit, Magneto, Captain America, Iron Man, Hulk, Spiderman, Fantastic Four, Dr. Strange, Dr. Doom

Sorcerer Mickey, Aladdin, Beast, Bolt, Hercules, Mulan, Peter Pan, Pocahontas, Simba, Stitch, Tarzan, Captain Jack

Goku, He-Man, Lion-O, Wargreymon, Godzilla, Spawn, Harry Potter, Indiana Jones, Gandalf, Alf, Spock, King Kong

Bugs Bunny, Daffy Duck, Taz, Kool-Aid Man, Slimer, Predator, Alien, Inuyasha, Naruto, Grumpy Bear, Peter Griffin

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Possible Costumes
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Luigi (Mr. L), Peach (Daisy, Rosalina, Nurse Peach), Bowser (Dry Bowser), Toad (Toadette, Toadsworth), Babies (All Mario, DK, and Yoshi characters baby-fied), Bowser Jr. (Other Koopalings), Wario (Overalls, Wario-Man), Link (Dark Link), Ganondorf (Ganon), Yoshi (Boshi), Captain Falcon (Blood Falcon), Captain Olimar (Louie), Sonic (Shadow), Battletoads (Rash, Zitz, Pimple), Simon Belmont (Christopher Belmont, Juste Belmont, Leon Belmont, Desmond Belmont, Richter Belmont, Trevor Belmont), AiAi (Gon Gon), Goro (Kintaro), Ryu (Ken), Sora (Roxas), Goku (Vegeta), Gandalf (The Grey, The White)

All characters are copyright their respective owners, I have and claim no ownership of them in any part so please don't sue me!