Yeah, the game was insane and yes, you could bust guys open and even cripple them. You could bite people or stab them with a knife. Set them on fire. Do the Muta mist. I did a four man Battle Royale and someone superkicked me through the ropes and I couldn't get back up and then I realized that when I fell out of the ring, I "botched" it and got crippled. The match continued with the 3 CPU players. Ordinarily, in my adolescence, I'd be like this sucks! I can't play! but my eyes were glued to the TV and all I could think was Coooooooooool!!! I know they made some new games but I never got to play any of them. You're absolutely right it played like a THQ game. I couldn't believe you could do a tombstone or a powerbomb off the top rope. I remember my eyes went wide even being able to do the Jackknife with Diesel in RAW, but a powerbomb off the top rope was just ridiculous. The N64 THQ gameplay especially reminds me of Super Fire Pro like WCW/NWO Revenge and No Mercy.
Rage in the Cage looks crazy. I think it had... 20 wrestlers in it? I think IRS was in it as well as the Headshrinkers for the first time. Big Boss Man. Brian Knobs and Jerry Sags from the Nasty Boyz. Very unusual roster.