Here is my interpretation.

*they all stand in the arena,eyeing each other*
Cloud:...
Squall:....
Zell:.....*munches hotdog*

*they all dive in at the same time*
All:AAAAAAAAAARRRRRRGGGHHHHH!!!!!
Zell:aaarr.....munch.....argg
Barret:DIE!!

*cid recieves a full magazine in the face*

Vivi:Ulti..wait, Firaga!
*zell gets fried mid-hotdog*
Vivi:Too much hotdogs are bad for you!

*Zidane steals Wakka's world champion*
Zid:yink!.......wait,AARGH! This thing has spikes!*runs away*

Seifer:Die Tidus you big fat wimp!*slash*
Tidus:Oww you messed my hair!*dies*

Squall:Hey Auron your fly is undone.
Auron:Huh? Wha..
*squall dropkicks Auron out of the arena*
Steiner:That was unforgivable Squall! DIE!
*self-destructs, taking squall with him*

*Wakka, Vivi, Seifer and Barret remain*
Wakka:Hey Barret! Look at that it's sephy!
Barret:*turns round*Wha...i dont see no-ugnnn...*dies*
Wakka: Works every time....
*wakka removes world champion from barrets back*

Seifer:Die wakka!
Wakka:Wow thats a really big swor-*slash*
Seifer:Thick-head.

*Vivi and Seifer remain*
Seifer:DIIIIEEEEE!!!!!
Vivi:Let's get 'im kids!
*vivis children rampage, blasting Seifer out of the arena*
Vivi:Yay!

Vivi wins.