When I first played through it, I rented it with a friend, as I recall he named the characters thus:
Cloud: Claude
Barret: Mr. T
Tifa: Lara C.
Aeris: Bitch Cow
Red XIII: Tiddles
I can't remember the others, but we didn't get Vincent or Yuffie. I do wish he'd picked a better name for Aeris, though, I had to finish that save with those stupid names, and later events were hard to take seriously with Bitch Cow at the forefront.