Re: WWE SmackDown vs. RAW 2007 for PS2
To unlock legends and a majority of arenas you have to play through Season mode and earn money to buy them in Shopzone. The arenas I think are just the average PPV arenas. Ones like Saturday Nights Main Event (I think it was in SvR07), ECW One Night Stand and if there are more. You gotta do something special for. Same with the belts you gotta complete Superstar Challenges in order to get those. If I'm not mistaken ECW One Night Stand's arena gets unlocked when you win a Money In The Bank match.
Similar to Suck It, I haven't played the game through the game in years.