From the Urban Dictionary
hooning
The act of being a hoon or driving recklessly, racing, doing burnouts etc.
Hey Blake, I'm feeling the need for speed and want to burn some rubber, you wanna come hooning?
hoon
1. To travel at speed in a confined area, or do burnouts on a public road in traffic ..
2. To show off in a dagerous manner, mostly with a vehicle or engine powered item ..
Look at that bloody dangerous hoon!!
(YELLED IN ANNOYANCE AT OFFENDER).. YA ****IN' HOON!!!