When one of my friends and I started playing VII together, we named Cloud ScottJosh so he could be named after both of us. Not that exciting, but we found it amusing.

We changed all the other character names so that they would be funny in conversations, but I can't remember them unfortunately. I do know we did switch Tifa and Aeris' name at least one of the times we started to play the game just to be funny. I'm also pretty sure I starting playing once where I renamed everyone as Cloud.