This is the winning burnout of Austalia's annual festival of horsepower and tire smoke, Summernats. It is the burning, roaring definition of how to do a proper burnout.
The car is a 1974 Holden HQ sedan; the driver is Warren Eustace. We don't know what kind of power the car is making, but it's not the smoke that makes this burnout so good; it's that the driver hardly lifts as the car spins by walls packed with spectators. The engine sound doesn't hurt, either.
(Hat tip to McNewbie!)