The Valiant that Andrew posted is a regular competition vehicle, that hooked up too hard and is losing time in a drag race. You can tell its happening at a regular track day. Wheel standers are built to run the whole quarter mile on the spark plates or wheelie bars. Every wheel stander I have seen is rear engined to make it easier to keep the front wheels up, the car Andrew posted woudl have a hell of a time keeping those wheels up in the air, he is actually only doing that near the starting line. My opinion is that a wheel stander is a purpose built exhibition machine, not a competition car, but there are new wheel standing competitions being run but that is truly a whole other balllgame, those cars are purpose built to do wheel stands very high. 
They usually come down very hard, tear up parts, and run 200-300 feet before stopping. an exhibition wheel stander will do the whole quarter mile in 11-12 seconds throwing sparks and going over 120mph easily. Originally wheel standers were hired to do 3 or so runs at an event as a bonus to the regular drag racing show, promoters used them, jet cars, and traveling match racing funny cars to draw more people into there regular weekend show. Local Funny car driver Danny Miller did this for years, and as a matter of fact his old car is now being campaigned by Jake Jacobsmeyer as the "All Star Dodge" Challenger, and oddly enough I sat in that car back in the mid to late 70's when Danny Miller still owned it.
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