Equip three Ultima with Cloud, one paired with Quadra Magic, one paired with HP Absorb, and one paired with MP Absorb.
Equip a W-Magic on Cloud.
Equip three Mimes, one on each character.
Make sure that they are all (partially at least) mastered.
---------------------
Use W-Magic to cast Ultima twice.
It will attack eight times.
Your HP/MP will be restored in the progress, too!
Mime for ultimate damage!!
(I haven't tested this)...(In fact, I don't even know if there IS a W-Magic materia)
(sorry if it doesn't work)(ps.this is only my third post.....)

oh yeah, i almost forgot, equip final attack paired with pheonix or revive on somebody

Bahamut Zero and omni-slash should do the trick.

I've got Omnislash, but I'm on disk 3, and I only got the huge yellow materia. :-(
(meaning I didn't get the other ones)

I'm a loser--know why? I'm on FF7 disk 3, and I don't have Morph or Bahamut Zero... :-( :-( :-(