Action Replay codes cannot be used on Super Smash Bros. 64. The device works by writing cheat data to a cartridge's save memory (SRAM/Flash/EEPROM), but the Super Smash Bros. N64 cartridge has no writable save memory—it's a mask ROM with zero bytes of persistent storage.
Mods/cheats may destabilize the game. Use at your own risk. Back up saves.