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Sony PSP - MLB 06: The Show cheats

Increase players skills:
Select "Player Management" option, then go to "View Roster". Select the player 
you want to change his skill. Press R or L until the "Batting" or "Pitching" 
attributes displayed on the screen. The red area in all of the bars show how 
skilled that player is in the category shown next to it Press Right or Left 
decrease or increase the skill.

Rename players:
You can change your name from "Joe Random" in Career mode, just press Square 
at the first and/or last name.

Release a player as a free agent. You can now change his name, 
then resign him.