It's called "powerbraking". I used to drag race and it is used to heat the rear tires up for traction.
On the street it's used mostly for impressing your friends and annoying the neighbors.
With an automatic you just hold the brake pedal down and floor the gas pedal. Once the tires start spinning, you can either let off the brake or just sit there and melt the tires to the cords.
A manual gearbox is trickier but the same technique can be used once the tires get spinning.
In my 94 Z28, Lt1 with a 6 speed, I could dump the clutch at about 4000RPM and powershift up into 4th gear all whilst the rear tires were spinning.
Impressive to some but hard on the drivetrain.
No, I absolutely DO NOT do this with the 911!!