Most common rumors:

- It is possible to revive Aeris after her death, and use her again in your party.
- There is a side-quest involved to allow you to revive Aeris, in the USA version.
- The game has multiple endings.
- Proto-Cloud, Sephiroth, and the Chocobo are all playable characters.
- There is a character named Boxer who you can meet and who will join your party.
- There are many extra materia in the game, and more Master Materia than the basic four.
- Every character has an extra set of hidden limit breaks.
- You can breed a chocobo which can go underwater or into space.

Even though all of these are completely false, they do have solid grounds for belief or reason. Even though there is basis for the rumors, they aren't possible or true.

It is possible to revive Aeris after her death, and use her again in your party:

- The 'Underwater' materia that could be used to revive Aeris is purple, not yellow. The materia has no effect in the Japanese game, and was put to 'good use' in USA version.
- The 'Key to Sector 5' item is not available in Disc 1, but even with it in your inventory, you could still not return to Midgar. The door doesn't open. Plain and simple.
- The ending of the game is composed of one multi-part file with three sections for the three corresponding parts of the game's one ending. There are no extra/un-used movie files in any of the Discs.
- There is claimed to be an extra area in the Forgotten Captial, but no such area has been found.
- Meeting Aeris' ghost in Midgar was a mistake made by the Square programmers, but that they covered it up by changing the dialogue given to you by two children nearby. Even assuming the rumor was true, none of the changes that Square supposedly made directly affect the main game, so this rumored alteration seems highly questionable.
- A main character has died in almost every Final Fantasy game, so that's a good indicator that someone was meant to die in this game.

Even if you decide that the rumor is true, there is no way to revive Aeris in the final versions of either the Japanese or US versions of the game, and sticking her back in your party with a GameShark has shown that there are no other sequences with her/ways that she is involved with your party, aside from 'general character' quotes. That doesn't mean that Square didn't originally _consider_ the idea of having Aeris being brought back to life, but even if they did, it was obviously discarded/decided against and never developed any further.

There is a side-quest involved to allow you to revive Aeris, in the USA version:

When people found out that there was an Underwater Materia in the game and that new FMV had been added to the game, the general assumption was that Aeris could be revived. However, the Underwater materia is used only in the fight against the Emerald Weapon, and the new FMV sequence is simply a short clip showing off the Weapons.

The game has multiple endings:

The ending, which is the same in both the Japanese and English versions, is surprisingly short and seemingly incomplete, plus it obscurely refers to Aeris in the last few seconds. Furthermore, Vincent and Yuffie are nowhere to be seen in the ending sequences. This led a lot of people to believe that there must be other endings that were complete, that had Vincent and Yuffie, or that corresponded to the Aeris rumor. Also, the ending FMV is in fact divided into three sub files, leading people to believe that there was not just one extra ending, but maybe two or more.

In fact, the ending is three parts: escape from the final dungeon, the halt of Meteo, the credits and Red 13 in the future. The ending movie has three major scenes.

The argument was that, in FF3, sequences would not be shown if you didn't have a certain character, but they would be shown if you did, so why not have short FMV clips with Vincent and Yuffie that would be interjected into the ending? However, the entire FF7 game is on each disc, the added FMV for Disc 3 would leave minimal space for added FMV sequences.

Proto-Cloud, Sephiroth, and the Chocobo are all playable characters:

Well, Proto-Cloud and Sephiroth are playable during Cloud's recounting of the Nibleheim mission in Disc 1, but even then, Sephiroth is controlled by the computer. And, there is a portrait for chocobos just as their is for the characters in your group. This having been said, you can put Cloud and Sephiroth in your party using a GameShark, but the game will crash if they talk with anything (and since a GameShark can only alter exisiting memory and not 'create' something new, if they were playable, a code that sticks them in your party would work perfectly as well). Even with the code, Sephiroth is still computer- controlled. About the Chocobo: a GameShark code doesn't make it playable either (there's not even any graphics or stats. for it), but the portrait has a legitimate use anyway. It's used when you name a caught chocobo in Disc 2.

There is a character named Boxer who you can meet and who will join your party:

There is a hidden character named Baakusa ('Boxer' in Japanese), who was going to be put in the game, but wasn't at the last moment, according to the rumor. He would be a friendly version of those Goblins you can fight at the Goblin and Round Islands.

Well, there really are two extra portraits in the game that are unused. They spell out 'Now Printing' in Japanese writing, and the file name is 'Kali' or 'Temporary'. Furthermore, in the Japanese version of FF7, you could continually save and delete files, then check out the little faces of the FF7 save file names in your playstation's memory, and there would be a chance of you seeing a face of a character not in the game who was supposedly the Boxer goblin. This is true, but just because there is a face doesn't mean that the character was playable, as there are pictures of the Turks and other non-playable figures in the game. Furthermore, there are no weapons or items in the game for Boxer to use. Since there's no way to play with Boxer in any version of FF7 anyway, this rumor is very pointless, even if it is true.. and it's not.

There are many extra materia in the game, and more Master Materia than the basic four:

Again, this rumor is partially true. In the Japanese game, there were
several disabled materia:

This only holds partially true. In the Japanese version, the following materia were disabled in game play (whereas the USA version had these enabled.)

Throw (command materia)
Booster (support materia)
Underwater (independant materia)
Barrier (magic materia)

None of these materia had any new functions, they were simply disabled in the Jap version. The only exception is the Booster materia, but whatever purpose it was supposed to have, it was deleted from the final version. It is thought that the booster materia would have been a materia that raised the amount of AP you received per battle, by some percent.

In the gameplay storyline, there is Sephiroth's Black Materia that he uses to cast Meteo, and Aeris's White Materia that is used to cast Holy. These materia are not usable items. The Black Materia is a Key Item, both times you 'receive it', and everyone knows that Key Items are strictly for advancing in storyline or to 'unlock' puzzles, etc.

Every character has an extra set of hidden limit breaks:

This rumor has some basis, since there are enough spaces for every character to have three limit breaks per limit level. However, there are not any extra breaks than that of what you automatically learn, and the single level four limits. Those characters who have just a handful of limit breaks, Vincent and Cait Sith, also cannot get any more than what is available for them to learn.

You can breed a chocobo which can go underwater or into space:

You would have to be dumber than a moogle's ass if you believed this rumor in the least. There was a picture floating around on the internet during the first year or two of Final Fantasy 7's release, which depicted a chocobo walking around underwater. When the Underwater materia was discovered, it was first suggested that perhaps it was to be used in conjuction with a chocobo to go underwater. It was originally stated by Square that chocobos would be able to travel beneath the water. And, with the submarine, there is only a small area of the world's ocean that you can explore, further adding speculation to this rumor. No chocobos can be bred for underwater travel, nor can any availible ones preset in the game code allow underwater travel.