Um, I did a couple donuts with the ****ty tires that were on my m3 when I first got it. It was hard to resist.
In "Drift Tengoku 6" I think, a guy in an AE86 in mid-drift did a 360, and continued the drift out of the 360. It looked pretty cool. If I get my main pc working again I will cut that 10 second part out and post it somewhere as a clip.
All you need to do to rev your engine is get it so that the motor is temporarily disconnected from the wheels. In a stick shift car, all you need to do is put it in neutral (in the middle, not in any gears), or put the clutch in. In an auto car, there is no neutral, so you would need to put the gear selector in neutral.
To do a donut in a car with a 5spd, just (find a safe area first) put the car in first, get rolling a bit, have the wheel turned one way (locked if you have limited space), hold the clutch in, rev high enough, drop the clutch. Pretty easy. Oh yea, its pretty obvious, the car needs to be rwd, or a really high powered awd car.