The "burnout" you are talking about is called a brake stand, all you have to do is rev the engine to 5000rpm with the clutch in, press the brakes, but not all the way. Release the clutch quickly and release the brakes untill the rear tires begin to spin (if its RWD). If it's front wheel drive, you just use the hand brake.
NEVER go above 5000rpm when you attempt to do this, it'll just burn up the clutch.
I would not suggest doing brake stands in a car unless you know how to use the clutch and brake pedal VERY well, you will most likely end up burning the clutch like this poor fool.
http://ca.youtube.com/watch?v=2Nl3_3WF-uE
I've never done brake stands in LFS, but I think setting the brake force to a realistic setting and then setting the balancing based on a real car would be the best way to do it. otherwhise it's either cheap or it won't happen.
I have done them in Racer though, in a modified AE86 I did up just to make fun of the drifters.