The Collaborative International Dictionary of English v.0.48:

peal out \peal out\, v. i.
   To give off a loud pealing sound; to peal.
   [PJC]

   2. To accelerate quickly from a stop in a vehicle, especially
      an automobile, so that the tires grind against the
      pavement and make a squealing noise while accelerating; --
      sometimes performed by young drivers for showy display.
      [slang]

   Syn: drop a patch.
        [PJC]