Hmmm tough debate this. Here's what I think....
Any small car doing a burnout regardless of weather conditions and amount of bhp under the bonnet is just not cool. Nope sorry, but thats just silly and embarrasing.
Proper car with big engine, in a controlled enviroment, with the ability to lock the non driven wheels (if RWD with a brake line lock or FWD just put the hand brake on), just sitting on the spot, spinning the wheels and smoking everyone out. Now thats cool.
Hre's an example. Citroen Saxo VTS
http://www.youtube.com/watch?v=qaU1V21xgTo
I'm sorry but its just too silly, Almost like a small weedy bloke trying to be "hard"
And Heres an australian Chrysler Valient.
http://www.youtube.com/watch?v=0myzGAqcECM
Now thats cool. Big muscle shouting "come and have a go if you think you're hard enough".
But this is cooler than cool, its just sub zero. and I ake my hat off to the lad doing it.
http://www.youtube.com/watch?v=6GNB7xT3rNE