There's also, from what I can remember, Rochelle from L4D2, the main character from Secret of Mana, a character from Metal Slug next to him (at a guess), Soma Cruz next to Link who's likely wearing the Bomb Mask, and the Red Devil enemy from Ghosts'n'Goblins whose name eludes my memory. And at a very extended guess, the girl between Rochell and Samus is from Zombies Ate My Neighbours, though that's likely wrong.
I'm sure that's a Final Fantasy white mage cloak in the upper right, but don't recognize the character... or pants.
The blonde guy in the centre looks so damn familiar, but I can't remember from where exactly. Think it's an old PC/Amiga game, like Monkey Island or King's Quest or something.
Metal Slug was made by Nazca Corporation, but they were acquired by SNK, so I guess I should tag the latter?
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Given the length and shape of Joanna's weapon, I'll tag it as the FarSight XR-20 from the Nintendo 64 game.
GarnetFinal Fantasy IXRandi Seiken Densetsu 2/Secret of ManaLinkThe Legend of Zelda: Majora's MaskFirebrand/Red ArremerDemon's CrestAngela Seiken Densetsu 3Joanna Dark Perfect DarkBlazerSoul BlazerAshaMonster World IVSoma CruzCastlevania: Dawn of SorrowJulie Zombies Ate My NeighborsFio Germi Metal SlugRochelle Left 4 Dead 2Mario Super Mario Bros. 3Nameless boy
Secret of EvermoreSamus Aran Metroid FusionPepeMonster World IVYoshiSuper Mario World