I'm going to ask Placeario if I could edit it, his SpongeBob is really decent, besides Madoldcrow1105's SpongeBob, which is also decent. This is an inofficial edit, which means it's not going out to the public, but only avaliable here at Mugen Database.
He's going to be a mix of MVC 2, New Age of Heroes, and MVC, Eternity of Heroes. I don't know if it's going to be released or not, he could only be kept private for now.
Update!: I updated SpongeBob and has new sounds and effects to replace old ones. I've also have a folder for the old files in case you want them.