That's a full boogie banzai run. Back in the days before good tires and slipper clutches they would use the tires as a clutch. Just rev it up, dump the tight clutch, and fry the tires til they caught up. Top Fuelers of the day would run 200+ through the lights with the tires still smoking.
Note that the front wheels are turned to one side. The drivers who had the balls to stay in it would use the front wheels as steering rudders.