Rumors in Final Fantasy 7 range from completely plausible to downright ridiculous. We'll start with the ones that were at least slightly believable and then I'll bring on the laughable ones.

Saving Aerith / 1/35th Soldier / Super Sweeper & Tissues / Test 0
Boxer / Silver Chocobo / Rainbow Chocobo / Other Weapons

Reviving/Saving Aerith

Perhaps the biggest, most sought after rumor in the entire gaming universe was the ability to revive or save Aerith from dying at the hands of Sephiroth. Born from the parent rumor that the release of FF7 was rushed to meet deadlines, people automatically assumed that there were things intentionally left out of the final version of the game to save time. While Square did add more to the game before its release in North America (Ruby and Emerald Weapon, graphical updates, making the fights more beefy, etc.), getting Aerith back from being skewered was never on their radar.

While there are incredibly iffy, hidden scenes where she has post-mortem dialogue, the sad truth is that she was not intended to be resurrected. But that didn't stop fans from pestering Square with endless petitions begging for such. It also did little to slow the rumor mill on how you could totally resurrect her just by doing a few side quests in game. Here are a few of those notions that people put forth but as you already know, none of them short of a Gameshark miracle would bring her back.

The above image does indeed appear in the game. It has been called a "glitch" by Square, but perhaps it really is supposed to be her ghost. Anyway, one rumor is that if you are as nice to Aerith as possible (end up going on the Gold Saucer date with her, nice) that the ghost will materialize and she will be "revived". A second rumor is getter everyone to master level, master limits and master materia, (you get it), and then at the moment Sephiroth is supposed to make her an Aerith shish kabob, Cloud saves her.

The idea that she could be saved has been a source of fan speculation and rumor milling for years. Even other media has joined in to further push the idea that it could be possible. And with the new story that the Remake presents, we may yet get to see a scenario where she does indeed get rescued at the last moment. (I hope it's by Zack. :3 )

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1/35th Soldier

There are not 35 in the world, only 12. That's because 1/35 is the SCALE, as in it's a model; 35 times smaller than a real soldier. So what were they for? Just a filler item unfortunately. The ONLY practical application in FF7 is as an item you could sell for gil. Of course, they wouldn't be in this section if there wasn't a huge rumor attached to them.

 

One was if you collected them all and the Masamune Blade item, that Sephiroth would join your party. This may have been fueled as truth because Sephiroth was hinted at in a gaming magazine article as being a knight that would join your party. Another rumor was that if you collected them all and went back to the sick guy in the pipe in Midgar, that the guy would "snap to his senses" and reveal that he was Zack and join your party.

It was also thought that maybe you could trade a whole set to an NPC for a rare item, display them in your Villa in Costa Del Sol, or that having the full set would make Cait Sith's Toy Soldier limit break stronger.


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Super Sweeper and Tissues

 

Like 1/35th Solider, the Super Sweeper and Tissue items serve no actual purpose. You can get them as prizes in Speed Square and Battle Square but collecting them amounts to nothing except for space in your inventory being used up. But these items weren't without their fair share of rumors.


The most accepted rumor is that the Super Sweeper could be used to repair the Tiny Bronco so it could fly again. The rumor was so prevailent, that a scenario was even put together. Enter Junon with Cid in your party, and talk to the inhabitants three times. Speak to the old man adjacent the beach a few times, and Cid will realize he can use the Super Sweeper to fix the Tiny Bronco. Revisit Rocket Town and Cid will repair the vehicle.

There was another one that if you collected so many, that you could use them to repair a robot somewhere in the game that would join your party. Given that most people didn't actually know what the Super Sweeper looked like until recently, this made sense. But seeing that it is actually a tiny Sweeper enemy, this idea was finally dismissed.

Tissues were another consolation prize that could be won in Battle Square, usually after a poor performance. Many specualted that the more tissues you had, the more difficult the handicaps in Battle Square became. Or that regular EXP was reduced the more you had and that they should be thrown away or sold.

Another rumor suggested that a mysterious monster named Ticondo existed in Battle Square and to fight it you had to have 99 tissues in your inventory. Go to Battle Square in Gold Saucer, and the counter lady will direct you to fight Ticondo. If you win, you will receive a secret materia called 'Gigo'. But be warned, this monster has 5 million HP.

Lastly, there is an Aerith Revival rumor attached to this item. That if Cloud goes back to the church near the end of the game and he cries using the tissue, Aerith comes back as a playable character.

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Test 0

Test 0, aka êúô0(äñ), is actually in the game, but only the Japanese version. They're here though because of the legends attached to them. The known facts are that they were accidently left in the Japanese version, a left over from the debugging process. In the "Basement" in Coral, run around until you get into a get into a fight and this is what will turn up. Here's a video showing the process so you don't all have to fire up your Japanese versions of the game to see it for yourself.


For extra rumor milling, the well's pre-rendered background has a hidden layer containing a little man in the corner that is not present in the playable version of the location. The little man is referred to as "doll" and is there is no in-game script to turn the layer on.

Now for the rumors surrounding this factual tidbit. Apparently if you were able to defeat the monsters, you obtained tickets to see "Loveless" in the game. This rumor spread to the American version of the game despite the Test 0 enemy being removed from the well. (You could still encounter them using the Debug Code, but that is outside the game parameters.)

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Now for the really weird stuff that fans thought up..

Boxer

Boxer is supposedly a goblin that will totally join your party if he is encounted on Golbin Island. This rumor was very popular as you needed a special Chocobo or the Highwind in order to visit the location.

The rumor supposedly started when an unused character portrait was discovered in the Japanese version of the game (which was also a rumor).

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The Silver Chocobo

One of the most famous rumors was about breeding a super secret chocobo, the Silver Chocobo. Feed and breed two S-Class chocobos, and there's a small chance you'll receive the Silver Chocobo. This chocobo is capable of travelling underwater. There were even instructions: Mate two maxed out (170 speed) Gold Chocobos (with a speed of 170) with a carob nut, then mate the baby with the one of the maxed out chocobos with a zeio nut. Ensure they are at class S, and the baby chocobo has the same speed as its parents.

The Silver Chocobo was used to fuel more rumors. Two were that you needed it to fight two secret enemies, the Onyx Weapon and Alpha Leviathan. Onyx Weapon was hidden under the swamp and you needed to be able to swim underwater using this special chocobo. As for Alpha Leviathan, he was hiding underwater in the Norther Crater area. Oh, and if you defeated it, you got the Super Nova materia.. right.

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Rainbow Chocobo

Speaking of chocobo, there was the rumor that you could breed a rainbow one that could do everything a Gold one could do as well as go underwater and fly in outer space.

There was even a doctored image of a rumored Fat Rainbow Chocobo that you could fight.

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Other Weapons

Rumor, specualation, or just fans gone mad. Whatever the case, this image was hilarious and I couldn't pass up putting it in here. Espcially with the other rumored Weapons that supposedly existed.

The Brown Weapon was rumored to look just like a mountain. You were supposed to run around all the mountains until you "woke it up".

Turquoise Weapon was rumored to be found in shallow water with its head sticking out (like Ruby). You had to use the Tony Bronco to find it. And of course, the previously mentioned Onxy Weapon.

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Just like any good game, this is definately not the end of the list. There are just too many out there! For continued reading, you can check out FF7 Citadel which includes most of these, as well as some that are just plain ridiculous.

There is also a wonderful wiki, The Cutting Room Floor - FF7, that outlines a lot of actual lost content from the game if you are interested.