I just scoured my NJ Title 39 book and can't find ANYTHING called "Exhibition of Speed." To the best of my knowledge, burnouts and driving like an idiot are covered by Careless Driving (N.J.S. 39: 4-97). Driving like a COMPLETE idiot with no regard whatsoever for public safety is covered by Reckless Driving (N.J.S. 39: 4-96).
Of course, I say TO THE BEST OF MY KNOWLEDGE and the resources I have available to me right now. I'm sure that if NJ has a law specifically for "Exhibition of Speed," Jim will find it.