If you've beaten the game, you can try and keep your Alucard equipment, which is an awesome glitch but it might take you a restart to get right (which on a real PSX is kinda annoying):
-Input the LUCK Code (LUCKY - no bonus stats after the Drac battle)
-Race through the grand hallway and the merman's lair. DEFEAT NO ENEMIES.
-Stop you come up to the Phantom Bat hallway with the Wargs.
-Defeat the first warg.
-Jump over the 2nd warg (do not let it bite you), take the hit.
-Immediately jump into your menu.
-Remove all of your equipment except the one that boosts your luck. You want the lowest STR and CON stat possible.
-Unpause the game, stand somewhat close to the Warg but not too close (about two tiles). The warg will turn around.
-Eventually the warg will snarl and do a biting attack. If the attack doesn't kill you, it'll hurt like a MOFO but send you flying in pain.
If you're lucky, from that spot, you will fly past the rest of the wargs, and zip through the Phantom Bat door, past the Werewolf pit (where Death normally would welcome you and take your items away) and to the East Entrance Tower.
At this point the music will sound like Death is around. Climb the tower, go left, and DO NOT FALL INTO THE SMALL PIT and go to the room with the two skeletons (Short Sword and Red Rust skeletons). Do not go into your menu just yet... but you should have all your equipment still. Defeat the skeleton(s) and make your way to the SAVE POINT.
You now will have kept your Alucard equipment. However, if you go back to the werewolf pit you will crash the game. To get past this, just make your way to the Alchemy Lab. Once you are in the Lab, turn right around and go back to the Entrance's save point. Normally you entering the lab triggers the "oh snap Slogra and Gaibon are now hanging out at the entrance for a while" flag. Since you just saved, head back to the werewolf pit and you should not crash the game, because Slogra and Gaibon will be there. Fight them and you can continue the game.
Notes: The "Werewolf Pit" is the spot where, in Rondo of Blood, you fight the Werewolf.