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It was, but to the victors go the spoils, plus the NWA, WWWF and AWA belts were always considered "World" champions during their runs, so that association has carried over to today.

Unless I am totally mistaken Kane used to be the fake Diesel  so that's not the question , who was the fake Razor and did he have any type of run anywhere?

Glen Jacobs was indeed the fake Diesel in 1996.  The fake Razor Ramon was Canadian wrestler Rick Bogner, who worked as Big Titan in Japan's FMW and made a few appearances as "Slice N' Dice Ramirez" in the original ECW doing the same gimmick.

WCW used to do a PPV War Games with the two rings.  Do you think the WWE will ever drop one of their other 8 PPVs (obviously not any of the big 4) and bring this one back?  I was never a big fan of WCW(until the NWO came along, but that ended after Souled Out) but the few times I've seen this PPV on video etc. I have enjoyed it.

As an old school NWA fan, I wish I could say yes, but the reality is that WWE most likely wouldn't want to change their production set up or remove seats they could sell at top dollar in order to run a gimmick match that the company didn't create in the first place.  All of their other major gimmick matches, such as the Elimination Chamber or the Hell in the Cell are designed to fit within the traditional WWE ringside setup.