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Unlock Extra Credits in Arcade Mode:

Whenever you gain an hour in Arcade mode one additional credit is added to Arcade Mode. Progress time can be viewed in the 'Play Stats' menu. Time can be gained even when the game is paused.
Unlock Extra Lives in Story Mode

Whenever you gain an hour in Story mode one additional life is added to Story Mode. Progress time can be viewed in the 'Play Stats' menu. Time can be gained even when the game is paused.
Unlock Gamerpics

When you create a save data of Radiant Silvergun on your Xbox 360's hard drive the following Gamerpics become available.
Buster's Silvergun Gamerpic (1P/Blue)

Create a save data of Radiant Silvergun.
Reana's Silvergun Gamerpic (2P/Red)

Create a save data of Radiant Silvergun.
Prix Avatar

Below are the unlockable avatar awards available for Radiant Silvergun, and instructions on how to get them:
Long-Sleeved T-Shirt: Play Arcade Mode 20 times.
Player Battleship & Controller: Play Story Mode 20 times.