GNU Collaborative International Dictionary of English

Found one definition

1.       
   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]