There are quite a few arenas you can unlock in WWE 12 for the PS3, Wii, and Xbox 360.
Here are the unlockable arenas, and what you need to do to unlock them.
Bragging Rights – Win a match in the Bragging Rights arena in WWE Universe mode
Clash of Champions – View the Clash of Champions cutscene in the Hero storyline in Road to WrestleMania mode
Extreme Rules – Win a match in the Extreme Rules arena in WWE Universe mode
Fatal 4-Way – Win a match in the Fatal 4-Way arena in WWE Universe mode
Hell in a Cell – Win a match in the Hell in a Cell arena in WWE Universe mode
Money in the Bank – Win a match in the Money in the Bank arena in WWE Universe mode
Night of Champions – Win a match in the Night of Champions arena in WWE Universe mode
Nitro – View the 21-1 cutscene in the Hero storyline in Road to WrestleMania mod after the Monday Night Nitro match
NXT – Win the Survivor Series in the Hero storyline in Road to WrestleMania mode, or view the SummerSlam cutscene in the Hero storyline in Road to WrestleMania mode
Over the Limit – Win a match in the Over the Limit arena in WWE Universe mode
Starrcade – View the Steel Cage Match 2 cutscene in the Hero storyline in Road to WrestleMania mode
Survivor Series – Win a match in the Survivor Series arena in WWE Universe mode
TLC – Win a match in the TLC arena in WWE Universe mode
Tribute to the Troops – Finish the first year in WWE Universe mode