Over the past few years there seems to be programs that enable you to make characters talk to one another in the style of SNK Vs. Capcom Chaos. However many of them seem to be rather dead. But fortunately not all of them are, namely this one is still active...
http://www.justnopoint.com/~sparta/svc/Its not flawless, you can't post any character potrait you can find or make unlike how other generators can be in the past. (I've seen pics like that before) The character listings are namely anyone that was in the SVC game. And well aside from Go Hibiki namely Dan's father (A.K.A "Oyaji" here) all the other sprites are original designs for the site. They are either palette swaps/hacks of previous sprites from this game and Sonic the Hedgehog, some seem to be made from scratch as well. The character lists give links to sites that tell you just what the pics look like before you do the generated scenes. (Like the various Kyo Kusanagi sprites for example)
Oh yeah and unless you want their conversation to be really short you'll probably end up wanting them to talk for more than one screen. But still you can do all sorts of things with this, in fact I'll give us an example here.
Hope you all like this, oh yeah and if anyone can tell me of any fighting game text generators like this that still work feel free to say so.