Launch control is an electronic aid to assist drivers of both racing and street cars to accelerate from a standing start.
One version of Nissan GT-R allows user to launch the car by turning the Traction Control to "R" mode.
Looking more in depth, launch control holds the engine's RPM at a set number, allowing the car to build power before the computer or operator engages the clutch.
A two-step rev limiter is a module that regulates the engines rpms for a controlled launch and optimal power settings.
Once the desired revolutions are met the two-step system will adjust these parameters allowing for power production to cease until released.
You can further amplify this effect by having the launch control software progressively retard ignition timing up to a set RPM.
Launch control was originally intended to give cars the ability to accelerate as fast as possible regarding optimal engine conditions from a stop.
In some instances the launch control systems are modified to produce large flames that also expel from the exhaust pipe.
Increasing the use of electronics on the car allowed engineers to modify the settings of certain parameters whilst it was on the track, which is called bi-directional telemetry.
This trend was ended by the FIA when it outlawed these aids for the 1994 season, considering that they reduced the importance of driver skill to too great a degree.