Yes, Yes, Yes, Maybe, who knows.
Burnouts have the potential to destroy stuff, of course they do. Those cars you see on TV that do them, those have experienced drivers and special tires. Track Slicks and are on a slick surface that make it easy.
This doesn't mean you can't do, of course you can... but "burning out" for an extended period of time needs 2 things to happen. 1. Your front brakes hold and 2. Your torque is sufficient to break loose the rears.
Both your truck can do, but you are gonna stress the hell out of your front and rears. Your rear brakes will physically be trying to stop you, to grab your rotors and you will be forceabily denying that.
That spells HEAT. Heat everywhere. Your drive train. Your brakes, your tire. Ever seen some idiots tires catch on fire? I have..... it was just hot enough outside, and he was just dumb (and young) to haven't a clue what he was doing... and well, you know tire rubber likes to burn, once it gets hot enough.. right?
I mean, a tire fire just burns.. nothing you can do... and it will melt your car down to the frame.
So. Know that you understand the risks. Enjoy. If your going to do risky behavior (we all have, me included so no judgement) at least do it educated.
For fun:
Burnout Goes Horribly Wrong - YouTube
I thought this one was funny. Popped his muffler off...
Burnout Gone Bad - YouTube
CRAP!
Burnout Gone Bad - YouTube