Well, there's Fighter Maker 1 for PS1 and Fighter Maker 2. They don't allow projectile special moves, though, although you can make some REALLY weird looking moves. The engine is incredibly complicated, with you having to control the co-ordinates of every body part, and in the first game, you can't change the character's looks at all, and in the second game, only slightly.
Who knows, you might even have fun.
http://www.youtube.com/watch?v=bVwi9HAUGIo