I did a thread on this - basically on 24/24 you're wheels keep locking, then unlocking, which is why you hear that weird sound, which is in fact the ABS.
The game doesn't simulate total lock up like what happens in real life, so you can avoid this problem by decreasing your brake balance (so transferring less brake torque) to around 8, and then start working your way up until you notice it's too strong, then back up.
High HP cars tend to require lower brake balance settings than cheaper, lowerer powered cars.