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What kind of transmission can do burnouts to fit a 92 caprice wagon305 V8?

A 92 Caprice wagon with a 305 V8 likely came with a TH700R4 automatic transmission. That transmission is *not* designed for burnouts. While you *might* be able to do a very brief, very gentle burnout, doing so will quickly overheat the transmission and cause significant damage. The TH700R4 is not built for the sustained slippage required for a proper burnout.

To do consistent burnouts, you'd need a different transmission entirely, and even then it would be risky for the drivetrain. A manual transmission would be *much* better suited for this, but swapping one into a vehicle originally designed for an automatic is a major undertaking involving significant mechanical work and custom fabrication.

In short: Don't try burnouts with the stock transmission. It'll break.