Alright... here's the order...
Cloud beats Sephiroth
Sephiroth turns back into Kadaj
Kadaj is in Cloud's arms
Aeris talks to Kadaj and takes him away (Goes back to the lifestream)
Cloud gets shot
Cloud is surrounded by light
And then this is the part where it's eitehr Kadaj or Zack... They're both dead so it could be either... I think it sounds more like Kadaj's voice here... But it could still be Zack...