In an FF car:
Hold the brakes, hold the handbrake, full throttle and release the brakes, keeping the handbrake on.
FR/MR cars:
Hold the brakes, full throttle, momentarily release the brakes but don't apply them fully or the car will probably just bog down
4WD cars:
Obviously you cant burnout these, as you need one pair of wheels to do the spinning, and the other to counteract this and hold the car :L