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(Quoted from video description)
it makes it possible to play as master hand in Super Smash Bros. Melee without alternative methods (aka. Action Replay)

You are now able to do different things with this glitch.
All the known techniques are as follows:
-Play as master hand (shown in the video)
-Black painted character (shown in the video)
-0 second melee
-1 player match

Play as Master Hand:
It is possible to perform this with one and 2 controllers. Please note that the controller must be in slot three to play as master hand. To perform it with one controller you have to have good timing. First you hover over the box to select your nickname. You then press both A and B at the same time but let go of A. Then quickly go down to the "new name" tab and press a while still holding B. If you time it correctly (press A when B is held long enough to exit out of the Character select screen) you will go to the stage select screen or start (depending on the mode)

To perform with 2 controllers you have one of the controllers hover over the "back" button in the top right of the screen and have the other controller (slot 3) hover over the "new name" tab. You must not show your selecting coin in the character select screen. Press the top left tab of the player's window and turn it to HMN(human). Once the hands are ready to "select" press A on the controller over the "back" tab and practically at the same time press the controller over the "new name" tab. If you did it right you will be at the stage select screen. If not you will either be back at the menu or in the new name screen.
Also If you were wondering why I did no contest on the first match it was because if master hand wins it will freeze after the match ends.
I was not able to play as master hand in classic mode because it froze whenever I did it right. I believe that is because master hand has no icon that the classic mode shows for every character. Also the only moves I know not to freeze in adventure mode and the all-star resting stage are his cross-stage slap and his swat away which both do not let you advance.

Moveset:
D-UP + B = Laser beams
D-RIGHT + B = Gun
D-UP + A = Rocket Ship
D-RIGHT + A = Shieldbreaker Punch
D-DOWN + A = Smack
D-RIGHT/UP + Z = Grab
D-UP + R = Drill
D-LEFT + R = Poke
D-RIGHT + R = Charged Punch
D-DOWN + R = Charged Slap
D-UP + L = Swat Away
D-DOWN + L = Finger Walk
D-RIGHT + L = Cross-stage Slap

Black Painted character:
this only works in melee and all players must be the same person and on the same team. You do the same exact thing for master hand with two or one controllers. The computers will not move except from stage hazards and moving back to their original spot.

0 second melee: (quoted from smashboards)
Go to melee mode with stocks and play with only one player,although you don´t have an opponent.Now use the glitch,and the melee will end after 0s,the announcer will only say "GO"and then the fight directly ends.

1 player match:
Do the same thing you did for "0 seconds melee" but in a time, bonus, or coin match.

So yeah, this glitch it true and EPIC!
I made 102 kills with Master Hand in Cruel Melee and it said "Mario" maid 102 kills so perfect
I'm looking for a Giga Bowser Glitch like this.

*UPDATE*
New Princess Toadstool Art by me, CHECK IT!!

*UPDATE*
I deleted the Peach art's because it was too awesome for NG.