The illegal act of drifting on the public roads. Streeto is a nickname derived from "street drifting" with a mock-Japanese "o" added due to many Japanese words being similar to English words but with a "u" or "o" at the end, ie "Crashu".
Also known as "S1" as a mockery of the "D1 - Drifting Championship", ie - "S1 - Streeto Championship"
Yo Dave, let's go out for some streeto.

Hey man, I just got busted for streeto.

After the event, let's all go out for some streeto, I've got a pair of tyres in the back and a full tank of go go juice.
by MJG from www.TrampDrift.com November 11, 2008
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Single serving Cheetos or other chips which are consumed after they have been found on the street and were clearly dropped or have fallen from a delivery truck.
"Those are some killer streetos", "Oh, you found those streetos in the alley? They taste just fine."
by salacious July 1, 2013
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