Don't have a car or good tires for a burnout? Well, you're in luck! This page will teach you how to do a burnout on a bike, of course you will not smoke any tires, it would still be cool!
Get a bike. (Preferred BMX's or a pretty small mountain bike)
Go to an area with loose gravel or dirt.
Hold front brake.
Put pedals at a 90 degree angle.
Push down as hard as you can on the highest pedal and your wheel should start to spin.
If your wheel doesn't spin, loosen up on the front break till you get a spin going, then tighten the front brake.
If you get a good enough spin, stand up and pedal to continue a burnout.
To stop the burnout simply stop pedaling.