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.