What's your traffic history look like? Depending on a few things, the likelihood of you losing your license for this is low. A judge will take all things into consideration, but don't be stupid and ignorance is no defence in law. You cannot claim you thought flooring it at the lights wouldn't spin the wheels etc etc, you didn't mean to etc...a judge will see straight through that.
Best thing to do is accept it and show remorse. Apoligise, say it was a spare of the moment thing and looking back you realise how stupid and foolish it was. Mention you require your car for driving to work etc and you strongly value your license. They take into consideration the fact you are pleading guilty and that you cooperated with authorities. Mention all of these things.
Being summosed isn't as bad as what many think, just because your going to court doesn't necessarily mean you're screwed. It just means, in most traffic offences, the punishment is discretionary (for the judge to decide based on facts).
Prepare well and you'll be fine. Any lawyer that practices in traffic related matters will be able to help you, although it's probably not necessary for something such as this. I can give you some details if you wish.