My 0.02......well maybe a little more.
Well, I've shredded probably well over thirty tires in my short life, and this is my take on the anatomy of a burnout... ...
1. From a dead stop, a specific amount of torque is required to spin the tire. From there, in order to keep the tire spinning, you need to either keep the car from accelerating (brakes) or get the tire spinning even faster (adding heat and reducing friction). Most tires need to spin for a certain period of time before they start making smoke, which is my motivation for doing a burnout. That smell is better than perfume to me... but I digress. Once the tire gets really hot, most vehicles can carry it (the burnout) for a while, making a nice smoke cloud and leaving about $20 worth of rubber on your inner fenderwells and on the road.
2. An old tarvey (spelling?) road provides the best burnout opportunties. The surface of the road almost looks wet all the time, and is very smooth, as compared to concrete or blacktop. Once you get the tires going it's really easy to do burnouts for 100+ feet with a little braking help.
3. As far as pulling up next to someone at speed, waving a middle finger and stomping on it and expecting to smoke them out well that's really tough. The reason is that it's harder to build up the heat in the tire when it's hitting fresh cool pavement on every rotation. It's also a little more difficult to break the tires loose, since you are generally in a higher gear. Therefore you have less torque hitting the pavement. One of the ways some guys do it is through inertia, i. e. revving up an engine and dumping the clutch. The inertia of the engine spinning has to go somewhere, and if you can build up enough, you can break the tires loose. But chances are you won't be able to carry it without alot of torque and horsepower.
4. One of the problems with diesels and burnouts is that they don't wind up as fast as gas engines. Once you break the tires loose, it's easier for the engine to spin them. but if the engine rev's up slowly, it gives your vehicle a chance to accelerate, therefore making it harder to keep the tires spinning. Gas engines will wrap up alot faster, therefore increasing the tire speed faster, therefore building up more heat in the tire, and reducing friction (due to the fluid dynamics of molten rubber... . )
SO, if you want to burn rubber, you need torque to get you started. Then either high torque and a lower gear ratio (i. e. airplane gears) to keep it going, or a high revving quick accelerating engine and lower ratio gears. I have a 1984 Buick regal (with full grocery getter grandma chrome) that I shoehorned a built 455 buick into, and kept the 2. 41 rear axle in there. Flat footing it a 200+ foot burnout was no problem, and by time the tires hooked up I was doing 70 mph. (now I have a 3. 73 posi, it's set up more for 1/4 mile) High torque low gears. My friend has a 65 chevelle, with a high winding balanced 350 and a four speed. Once he get's going he holds it to the floor and speed shifts to keep his burnout going. I guess the whole thing boils down to keeping the tire hot and spinning really fast.
Sorry about the long winded response, but I love burnouts. I won a contest with my old 1/2 ton ram, cost me $500 worth of tires but we blocked the front tires,I knew I'd better stop when the speedo read 95mph and my friend walked up to the truck and said," Dave there are sparks coming off your rear tires. "

gotta love it!!!!