This achievement can be done with two controllers.
Set up a standard one on one match and pick whoever you want. I used Triple H and set Andre the Giant as my opponent. For the duration of the match I just used my light attack (x button) and taunts (direction pad in any direction) to charge up the energy meter. Even if the opponents life bar bottoms out (red and flashing) you'll still be able to pull off your signature moves without knocking your opponent out.
You should be able to get the "Punch Drunk" achievement while doing this as well.