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I've been Googling and trying out a few cheats, but none of them seem to work. Then I came across these Gamewinners pages.

Earthworm Jim - [url=][/url]

Earthworm Jim 2 - [url=][/url]

It turns out only the Europe codes work with this version of the game. To use them, pause the game then type the desired code including the spaces. You'll hear someone saying "cheater" to confirm the code was correctly entered.