"Hooning" is an australian term that actually has a legal definition now. It's basically any "RACER BOI" behavior that occurs in inappropriate places.
-Burnouts
-Excessive speeding
-DORIFTU~~
...etc
When you get caught doing it, they confiscate your car for increasing periods of time leading up to eventually taking it away entirely. It's like being grounded.
http://en.wikipedia.org/wiki/Hoon