Each member of your party in Final Fantasy 7 has 4 tiers of limit breaks, usually consisting of two for the first three teirs and 1 for the fourth (unless it's Cait Sith). Below is a list of each limit break and what they do.
Braver (Default): Cloud runs to the enemy, jumps and slams his sword into it. Attacks one opponent.
Cross-Slash (Use Braver 8 times): Cloud dashes forward, this time planting two cuts into the enemy, making a cross and sometimes paralyzing one enemy.
Blade Beam (Kill 115 enemies after gaining Cross-Slash): Cloud takes a moment to hoist his sword onto his shoulder before whacking it onto the floor and creating a beam that hits one enemy for a great deal of damage, before splitting and hitting other enemies for less damage.
Climhazzard (Use Blade Beam 7 times): A sort of variation of Braver -- Cloud darts forward and sticks his sword in the enemy. Cloud then jumps and makes a huge upward slash. Enemey (hopefully) dies.
Meteroain (Kill 195 enemies after gaining Climhazzard): A fantastic way of killing a lot of enemies. Cloud swings his sword a few times, leaping into the air and summoning a shower of meteors on all enemies.
Finishing Touch (Use Meteorain 6 times): Clouds does a little dance, summons a whirlwind and guides it onto the poor enemies on the other side -- blowing them away. Sometimes, however, an enemy will resist this. When this is the case, the enemy will be hit twice: once while up in the air, and once when it hits the ground.
Omnislash (Bought from Battle Square in Gold Saucer for 32,000 BP): "Physically impossible" would be one phrase to describe this. Another would be "absolutely fantastic." Thirteen hard, fast slashes on all enemies. 'Nuff said.
Big Shot (Default): Barret fires a hug ball of flame into the enemy.
Mindblow (Use Big Shot 9 times): Almost the same as Big Shot -- But this time the ball of fire is a lovely blue color, and this one reduces MP.
Grenade Bomb (Kill 80 enemies after gaining Mindblow): Barret fires a big invisible thing that damages all enemies.
Hammerblow (Use Grenade Bomb 8 times): Barret runs forward, and with a single punch he eliminates an enemy -- or just damages them a lot if it's immune to this type of thing.
Satellite Beam (Kill 70 enemies after gaining hammerblow): Barret poses for the camera, and large energy rays come down from the sky, in essence torching all of the enemies multiple times.
Ungarmax (Use Satellite Beam 7 times): Think of an action film where a character lays into everyone and everything with a spray of bullets. That's what you have here. Attacks all enemies. A lot.
Catastrophe (After the huge materia episode in Corel - If you saved it from the train, then go into a hut in the northwest part of the town. Talk to a woman there and she'll give it to you.): Barret decides to do something to the ground with his gun, which makes him take a superhuman leap into the air and fire a huge blast of God-knows-what ont oa party of unsuuspecting enemies - probably killing them all with its multiple hits.
The great thing about Tifa's breaks is the fact that they all string up into one big lovely combo -- meaning after you learn them all, you have the potential to get a total of 7 hits on one or more enemies. The bad thing is the fact that the limits are activated by slots, and how many 'hits' / 'yeah!' you get determines which limits are played.
Beat Rush (Default): Tifa runs forward, lays into an enemy for a while and then runs back.
Someserault (Use Beat Rush 9 times): Tifa jumps up on the enemy and back-flips off - dealing damage.
Waterkick (Kill 96 enemies after gaining Someserault): Tifa performs a little sweep with some spiffy and somewhat random water-effects - dealing damage.
Meteodrive (Use Waterkick 7 times): Think of wrestling, and that's what you get here. Tifa picks up an enemy, hoists it for as econd, then throws herself back with the enemy.
Dolphin Blow (Kill 96 enemies after gaining Meteodrive): Tifa punches the enemy and creates a mystical dolphin for a second - dealing damage.
Meteor Strike (Use Dolphin Blow 6 times): Tifa grabs the enemy, jumps into the air with it, spins it around and then slams it into the ground.
First, make sure you have Tifa in your party, then go to Nibelheim. Go into Tifa's house, into her room and go to the piano. Play the highwind theme on that piano with the following sequence: X, Square, Triangle, Triangle+L1, Square+L1, X, Square, Triangle, X+L1, O, X, Square, X, Start. Cloud will ponder for a while, before Tifa goes on about sheet music. She'll find a letter, read it and then jump around a bit.)
Tifa gathers one heck of a lot of energy into a single fist and slams it into an enemy.
Healing Wind (Default): Aeris swings her staff a bit and magically restores some HP to the active party without the need for Restore + All.
Seal Evil (Use Healing Wind 7 times): Aeris makes some sort of gesture which causes all enemies to be silenced.
Breath of the Earth (Kill 80 enemies after gaining Seal Evil): Another gesture which relieves the active party of all negative status effects.
Fury Brand (Use Breath of the Earth 6 times): Aeris summons a lightning storm which hits the active party and causes their limit gauges to fill to the maximum. Handy for when you're trying to teach the second breaks of a level to other party members.
Planet Protectors (Kill 80 enemies after gaining Fury Brand): Aeris make s a barrier which makes her party invulernable for a short period of time.
Pulse of Life (Use Planet Protectors 5 times): Aeris completely restores the party of all negative status effects, as well as HP and MP.
This on is a bit tricky and should be gained as early as possible on disc 1: After gaining the buggy � go to Junon and get the boat back to the Western Continent. Head North-ish until you come to a river that you previously couldn't cross. Go into the cave and speak to the man. Here's where it'll get annoying: if the last digits of you total fight counter is equal (say 311 or 155 the man will wake up and give you some Mythril) if not, then fight until you do. After this � head back to Eastern Continent and look for the house that's on its own. Go inside and talk to the bloke inside � he'll ask you if you have any Mythril � which you do. Give it to him and he'll give you a choice of either a big or small box. Choose the small one by going upstairs and going to the left � there you'll get the item you need.
Aeris throws her staff and starts praying. A bunch of angels appeart oshow you with their goodness, reviving any dead party members, curing any negative status ailments, fully restoring HP and MP AND making you invulernable to hits for a while.
Sled Fang (Default): Red runs forward in some sort of Scooby-Doo style, goes right through the enemy and then runs back to his place.
Lunatic High (Use Sled Fang 8 times): Red howls for a bit, making a bit of a sandstorm with it. Your party is inflicted with Haste and an increase in Defense and Magic Defense %.
Blood Fang (Kill 70 enemies after gaining Lunatic High): Almost the same as Sled Fang, except this comes with the advantage of sucking HP and MP from an enemy.
Stardust Ray (Use Blood Fang 7 times): A cluster of stars falls on the enemys, causing damage.
Howling Moon (Kill 70 enemies after gaining Stardust Ray): Red leaps up and howls in front of a moon that randomly appears, then goes bersek and casts haste on himself, increasing attack power. Only bad thing is the fact that you can't control Red after this, so be careful.
Earth Rave (Use Howling Moon 6 times): Red basically goes sick on most of the enemis by attacking them several times in the good old fashioned way.
Getting this limit break is actually pretty simple: first go into Nibelheim mansion and go to the safe -- open it using the combo Right 36, Left 10, Right 59, and Right 97 and then fight "Lost Number." beating it will gget you a key, the Odin materia and also the Cosmo Memory item.
Red howls some more and creats a big ball of...red which then explodes towards the enemies, sending huge chunks of eath upwards and basically hurting them quite a bit.
Boost Jump (Default): Cid jumps up and then sticks his spear into a nenemy - dealing damage. This of a javelin in reverse, while still holding onto it.
Dynamite (Use Boost Jump 7 times): Like Barret's "Grenade Bomb" but with dynamite. Attacks all enemies.
Hyper Jump (Kill 80 enemies after gaining Dynamite): Like Boost Jump but with a fancy spin and it attacks all enemies.
Dragon (Use Hyper Jump 6 times): Cid creates a dragon that attacks an enemy and drains it of its HP and MP. Very handy.
Dragon Dive (Kill 80 enemies after gaining Dragon): Like Boost Jump, but continuous and it can also deal death to some enemies.
Big Brawl (Use Dragon Dive 5 times): Cid runs forward and starts pummelling the enemies with his fists.
Really easy to get: simply go to the sunken Gelnika once you ahve the sub and go into the cargo hold. It's there.
Cid summons the Highwind to come and pelt all enemies with an enormous number of missiles. This is one of the, if not the, best Limit Break in the game.
Greased Lightning (Default): Yuffie runs forward and attacks an enemy, then jumps back.
Clear Tranquil (Use Greased Lightning 8 times): Yuffie strikes a poste and restores a bit of HP to the active party.
Landscaper (Kill 63 enemies after gaining Clear Tranquil): Yuffie poses some before slamming her fist into the ground, sending shockwaves and making a small mountain which collapses and damages all enemies.
Bloodfest (Use Landscaper 7 times): Yuffie strikes the enemy party 10 times. The enemy attacked is random, so this is particularly helpful for bosses, single enemies, or small groups.
Gauntlet (Kill 63 enemies after gaining Bloodfest): Yuffie creates a large blue vortex, which surrounds the enemys and causes damage.
Doom of the Living (Use Gauntlet 6 times): Yuffie runs at the enemys and attacks them several times.
Go to Wutai and beat seven shades of Chi out of the pagoda masters. Godo will then give you the item you need.
Yuffie creates a huge blast of enemy which attacks all enemies. Doom of the Living is better, though.
Dice (Default): At first, Cait will throw only two dice - dealing damage, however if you use it enough the number of dice increases - dealing more damage .
Slots (Kill 40 enemies): Another limit involving slots - this one has several different icons that do different things. There ar several combos that each deal damage to the enemies:
Galiant Beast (Default): Vincent appears and turns into a purple beast.
Death Gigas (Kill 42 enemies): Vincent appears and turns into a monster that bears a striking resemblance to Frankenstein's monster.
Hellmasker (Kill 52 enemies): Vincent appears and transforms into a chainsaw-wielding maniac.
On the Western continent is a pool of water with a waterfall - get a chocoo and go under the waterfall (make sure Vincent is in your party first). Inside, you'll meet Lucrecia and some stuff fwill happen. After this, you'll be back outside. Fight for a while and then go back inside the waterfall. Run up to the 'throne' and Vincent will find his ultimate weapon and the item he needs.
Vincent transforms into the devil.