To drive a vehicle in reverse and throw it into a tight spiral, where at least two wheels are sliding rather than rolling.
Compare doing doughnuts
, which is to throw a vehicle into a similar tight spiral, but starting in a forward gear.
To do so strictly for the hell of it is not required, but generally implied.
Usually performed in an empty parking lot, blacktop area of a junior high school playground, etc., after a freezing rain or a large enough snowstorm to render the surface very slippery.
Brian and I took his old Chevy Nova out to the mall after the big snowstorm to do a doughnut and whip a shitty.