If all you want to do is impress all your friends at school with lots of tire smoke, here is the way I do it. And its free...
First, you have to rev up the motor a little, then dump the clutch and immediately stab the clutch with your "Brake" foot. The car should be spinning the tires, with one foot on the gas and the other on the brake pedal. Apply just enough pressure to the brake to keep the car from rolling, and you can spin all day long, or at least until the tires blow. You can also ease up on the brake pedal to let the car slowly roll down the street with the back tires leaving two dark lines all the way. It takes some practice, and it can be rough on the back brakes, but with practice, you will impress everyone, except the police and the neighbors.
With practice, it can also have no effect on your engine. I find that my Chevelle (396 & 4-speed) has no problem smoking the tires while keeping the RPMs at around 3500-4000. No worries about over-revving the motor. Once I am satisfied with the marks & smoke, I let off the brake and floor the accelarator until it hooks, or I decide to bank second...
Best of all, its free, and you still have a car that can hook up if it needs to.