To make a U-turn whilst driving a vehicle.

To rotate your vehicle 180 degrees counterclockwise at high speeds in order to go the opposite direction. Also known as making a sharp U-turn.

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.