It's just on fire, it's still good.
There is a right way and a wrong way to do a burnout, but it's not always obvious right away when you're doing it wrong. If it's a brief burnout, simple light application of the brakes is enough, as the engine torque will be enough to break the rear wheels loose but not enough to overpower the front brakes. A more sustained burnout requires a line lock, so that the rear brakes don't apply at all, and therefore don't massively overheat, with all the additional complications which that implies.
What you will see here is what happens when those rear brakes overheat. And then catch fire and pop a tire. What an idiot.