Resident Evil 5 on Xbox 360 Cheats

Infinite Rocket Launcher

To unlock the Rocket Launcher with infinite ammo, beat the game under 5 hours on any difficulty, and turn infinite ammo on under bonus features.

Weapon Unlocks

Gatling Gun (Chris Only) - Fully upgrade the VZ61 Machine Gun
Hydra Triple Barrel Shotgun - Fully upgrade the Ithaca M37 Shotgun
Longbow (Sheva Only) - Fully upgrade the S75 Rifle
M93R Pistol (Samurai Edge Custom) - Fully upgrade the M92F Pistol
S&W M500 (Handcannon) - Fully upgrade the S&W M29 Magnum

Unlock Mercenary Characters

Chris (Safari) - Get an A Rank or higher in The Village
Chris (Stars) - Get an A Rank or higher in Experimental Facility
Jill (Battle Suit) - Get an A Rank or higher in Ship Deck
Jill (BSAA) - Get an A Rank or higher in Public Assembly
Sheva (Clubin) - Get an A Rank or higher in Ancient Ruins
Sheva (Tribal) - Get an A Rank or higher in Missile Area
Wesker (Midnight) - Get an A Rank or higher in The Mines
Wesker (STARS) - Get an A Rank or higher in The Prison

Unlock Graphic Filters

Classic Horror (Black & White) - Beat the game on Amateur difficulty
Noise (Grain effect) - Beat the game on Veteran difficulty
Retro (Sephia) - Beat the game on Normal difficulty

Item Regeneration

Chapter 2-1, take all the items at the beginning and then Quit the game. Return to the game by selecting "Continue" and you will begin Chapter 2-1 with the items you got before you quit the game, however, the items at the beginning (you took just now) are still at the same place, so you can obtain them again. Repeat the same thing to get as many as you like. Note: This case happens in Chapter 3-1 too.

via gamedaily