Slang for applying more power to the tires of a vehicle than can be transferred into forward motion, resulting in wheel slippage and tire spin. Commonly knows as a burnout or peelout; lighting it up is more commonly associated with break stands in a front wheel drive minivan.
I'm gonna light it up in front of that cop just to let him know what's up.
Wow, that minivan can really light it up when you floor it.
Did you see that 1983 Oldsmobile Cutlass light it up at that intersection?