No the ref stops the fight after a couple more hits after the "black and white" stage. Take GSP and go side control and keep doing high knees to his ribs. After it goes black and white and you pull off 2 or 3 more high knees, the ref comes in and yells "Stop!" I believe this happens when you are in open guard and keep punching their body too. From what I remember, you can't knock them out strictly throwing body shots. I sold the game a long time ago, but I remember messing with kids and making the fight last forever by just making it go black and white to the point where everytime I throw a punch or kick and it lands on their body, they fall over.