Wow. Perhaps caught between a rock and a hard place- Chris had to wrestle to make money to pay the bills, maybe pay for a special school for his mentally challenged son, but his wife (I presume stay-at-home at that point) pressuring him to spend more time at home with his son. Faced with the prospect of more and more work obligations (spoilers report that he was going to win the ECW title that night), a heated argument with his wife turns ugly. He goes out of control, kills her, then doesn't know what to do. At his lowest point, feeling that there is no hope, he suffocates his son. Now at the point of no return, he's too chicken to kill himself right away so he waits until he can't stand himself anymore. He's killed his wife, and killed his poor innocent son, so he finally hangs himself.
He was either extremely mentally ill, or extremely evil. I don't know what to believe. I feel bad for Nancy, but I still feel the worst for the boy though. 7 years old...damn.