I had two.
One was back in '75 during a street race. I was driving my '70 Torino 429SCJ. From the time we started to where it was time to let off it started to drizzle. Street was dry when we launched but wet 1/4 mile down the road. I either beat the guy or he got out of it first, either way I was pretty much alone. Down shift to 3rd, slow, blip the throttle and pull down to 2nd, only it doesn't drop in to gear. Bright boy that I am I look at the shifter, wiggle it a bit and it drops into 2nd. I look up and I'm about 40' from a blinking red light, 4 lane cross traffic has a blinking yellow.
Dynamite the brakes, Ford gets sideways like right now and I gracefully slide sideways across four lanes of 40 mph traffic. Stupid car finally stops just on the other side of the far crosswalk. I do recall seeing headlights as I went across that intersection but needless to say I didn't stick around to see who they belonged to. There was no crash and there was no near hit. But it did have a pucker factor of about 80.
2nd one was last week at test & tune. Launched my Falcon from idle, went about 20' and started skating for the wall. Stayed on it, hit 2nd and got straight but when I hit third I started skating the other way towards the center line. I remember thinking, 'Where's this SOB gonna go next?', and 'Where the hell is the finish line so I can let off the gas?'.
ET was 1/2 second off and 60' was off by three tenths. The Totally Awesome Missus Murff was a bit perturbed when I got back to the pits, I guess it looked kind of hairy from the starting line. But at the same time she was impressed that I drove through it.
Like qtrmile2 said, if it doesn't feel right, lift. I never felt that I was at a point that it wasn't going to recover, although sliding towards cemter at 900' I did feel that if I had lifted the car would have gone nose down on me and I really would have had an adventure.
Murff