edge hot juice falls on its face

[ASymington]

Driving along last night, fellow pickup trucker starts toying with me so long story short get him at a light turn the edge to extreme take off. . wheels spin for a second and all of a sudded the egt's shoot up to 1100 the truck starts shuttering and puttering and i am not going anywhere... CEL comes on, still on but truck runs fine now. Whats the deal? Perhaps too much fuel not enough oil pressure to keep up with the extreme? Any help is appreciated.