Mortal Kombat II... Kunk Lao's Fatality. He splits his opponent down the middle with his hat, causing them to banana peel open to reveal their internals.
Mortal Kombat 4... Quan Chi's Fatality. He rips his opponent's leg off and beats them with it. Not elaborate but damn funny.
Splatterhouse 1, 2, & 3... EVERYTHING IN THEM.
Time Killers, the Arcade Game... dismemberment and decapitation are the norm in regular combat with Overkill moves resulting in a quick "Slice'em Up" combo for instant death.
Bloodstorm, the Arcade Game... (See Time Killers.)
Mutant League Football for SEGA Genesis... Wiring the ball for death. Classic.
Mutant League Hockey for SEGA Genesis... Exploding Puck and the Demon Net. >
Chiller, the Arcade game... a light gun game where you shoot apart helpless people trapped in torture devices, blowing off their legs, arms, torsos and such. Pretty graphic for those days. Unauthorized NES port is less impressive.
Technocop for Commodore Amiga... Each and every gangster you gun down with your PISTOL causes their bodies to explode into bloody heaps with their severed hands and faces twitching endlessly.
It is with all of these methods mentioned in these games that I derive my greatest sense of satisfaction for some stylish death.
Don't know how elaborate those all sound but they're pretty damn gruesome. Note that every title except for the MK games and Splatterhouse 3 were made in the Pre-ESRB days. No pansy-ass ratings for those, no sir!