Press F1. I'm not sure if this is a fighting game or not if this was the case. What are you trying to make happen?
Some characters just have their health automatically refill slowly. You could make it so each time you hit P2, you get life back.For your killing P2, you'd need to make a full screen attack. Or have a helper "attached" to P2. Then when you die it hyper throws them for 200% of their life. You could make the throw unblockable. Look into lifeadd for getting your health back. Use statedef -2 and !alive to trigger the throw to kill P2. btw, I personally don't care for cheap chars, but go for it man. Make it fun though.
Look into Frankenspriting tutorials at first. Just keep going. You may suck when you first start, but the learning curve spikes up pretty fast. You'll become a lot better before you know it.