Enter Build Mode. Now create a new driver (or edit an existing one). After that, go to Make License and enter the following as the driver name:

FLYSKYHGH    - Fly mode 
FSTFRWRD     - Turbo mode
LNFRRRM      - Opens the mirror version of the Rocket City Run track
MXPMX        - Highest power-up level is always active
NCHSSS       - Removes chassis and bricks
NDRVR        - Removes driver from car
NMRCHTS      - Disable all cheats
NSLWJ        - Car does not slow down on grass, sand, etc.
NWHLS        - No wheels
PGLLGRN      - Only green power-ups available
PGLLRD       - Only red power-ups available
PGLLYLL      - Only yellow power-ups available
qckfnsh      - Quick finish
RPCRNLY      - Only grappling hook power-ups available

Thanks to Revolution readers Ben Phipps, Mark Kasson, Zach, Cheat masta, Game Freak, Game pro, dickeybird, Alan and Nathaniel Metz!