The color pink is practically a staple of the Hart Wrestling Family. Bret "The Hitman" Hart is known as much for his distinctive pink-and-black singlets as he is for his incredible matches. This started when he was tagging with Jim "The Anvil" Neidhart, one of his brothers-in-law and a more overt badass. Younger brother Owen Hart later got in on the act.
The Hart Dynasty, consisting of David Hart-Smith (son of "The British Bulldog" and Diana Hart), Tyson Kidd (one of the last graduates of the Hart Family Dungeon before it closed down) and Natalya (daughter of the aforementioned Jim) also wear the color pink.
On a more outlandish, character-based level, WWE, for a short time, played host to Vito, a six-feet-tall, bald, musclebound Italian Badass — who liked to wear frilly dresses, and who was often referred to as "the toughest man to ever wear a dress". Debate still rages on whether this was Kayfabe, or a Real Life preference of Vito's, especially since, rumor has it, after he was released from WWE, he attempted to negotiate a contract with the Ultimate Fighting Championship with the rider that he would be allowed to compete in a dress. Of course, the gimmick came about at the same time a mobster on The Sopranos was revealed to be gay, and WWE likes ripping off pop culture for character ideas. On the other other hand, it might have started as a gimmick but the wrestler who played him might have grown to like it.
An earlier WCW storyline saw Perry Saturn (a bald, heavily tattooed wrestler), lose a Loser Wears a Dress match and subsequently start wearing black latex-looking skirts. If the story from Chris Jericho's autobiography can be believed, Saturn wanted this change in character. Several years later, he was shot twice saving a woman from two men attempting to rape her. And barely even noticed until the officer on scene pointed out the wounds. To help drive that last point home, the bullet wounds were discovered in his neck.
Saturn was a legitimate Army Ranger before he became a wrestler.
He's also legitimately crazy; the guy just disappeared from his life and was found years later working at a door factory.
In a similar case, Darren "Droz" Drozdov lost a match where the stipulation was that the losers had to wrestle their next match in drag. Droz discovered he liked it. The thing came to an end after Droz challenged anyone on the roster to a nightgown match, and Al Snow agreed - with the stipulation that the match had to take place under hardcore rules.
In a more subdued, borderline case, when the 6'7", 300+-lb Batista wears his impeccably-tailored suits, the shirt or tie is often pink. And that works for him.
WWE also had the skirt-wearing Headbangers. This was back when kilts were big among metalheads... but what The Headbangers wore could only be considered kilts if one were especially charitable.
Their t-shirts even had a variation of the trope's name on it: "REAL MEN WEAR SKIRTS".
The same can also be said of some of Raven's "kilts" in his WWE and earlier TNA runs.
Rey Mysterio has several outfits in shades of pink and purple, and admitted in an interview to collecting perfumes and cologne. In the same interview, however, he also showed off his sword collection and vaguely implied having enough skill to be able to shave his beard with them.
Jeff Hardy has worn almost every color under the sun whether it's on his clothes, in his body paint, or dyed in his hair.
Ring of Honor and WWE wrestler Daniel Bryan Danielson is a vegan, a socialist, about 50 lbs lighter than the average pro-wrestler, and born in Nirvana's home city. Yet he's the greatest technical wrestler alive today, and can easily dominate men twice his size with submission moves.
John Morrison, master of Le Parkour (Hey it's manly), incredible high flier, possessor of epic abs, Jim Morrison impersonator, lover of fur lined, glittery coats that go down to his feet.
Mick Foley is known for his no holds barred style of wrestling and bloody traumatizing hardcore matches. He's also devoted fan of Tori Amos and a volunteer counselor for RAINN, an organization that helps survivors of sexual assault. He also possesses an extensive collection of kitschy Christmas knick-knacks.
Not exactly pink, but Triple H's purple trunks from 2003 deserve a mention.
John Cena wore pink and black starting at WWE's Night of Champions pay-per-view, as part of their partnership with Susan B. Komen's Race for the Cure. Two weeks later, he says the trope by name (despite earlier deriding Dolph Ziggler for wearing it).