1) To spin the tires of a car to the point they start to smoke. To do a "Burn out" or "Smoking the tires".
1a) The visual equivalent is extending the index pointer finger of one or both hands and rotating it in a fast circular motion.
2) A phrase used by TV / Movie cops to turn on the cars lights and sirens to pull somebody over.
3) Military slang: To open fire on the enemy.
1) Before drag racing you have to light em up to get the tires hot