YESSS!!!
Waku Waku 7 is a great game! Try using Slash or Rai, both are really good for starters. The fighting engine is not to complicated with lots of QCF and QCB special moves (and es-specials when pressing 2xpunch/2xkick), but that is exactly what fits the light-heartedness of the atmosphere...Love that game!!!
I use Tesse and Politank Z the most. They have quite unusual mind games to play.
Tesse is the only Waku Waku character I do not like playing with or against :-) I hate that annoying special with her injection...
I hope this makes it to Neo Geo Station for PS3, ive been dying to try this game out...