Well, we have had two different customers come to our shop in the last week with the same problem. What happened was they both turned off the traction control feature on their C5 Corvettes, and then managed to lose control of their vehicles and have accidents.
One car, a Z06, went through a fence and the other was spun out into a concrete barrier. Neither driver was injured but extensive damage was caused to both vehicles.
The traction control features on Corvettes are designed to prevent wheel spin and will actually control braking at individual wheels to stop traction control problems, or losing control of the car. To give you an idea of how this works, if you took a Corvette out in the snow and floored the gas with the traction control on, the car would actually throttle back just enough to stop the wheels from slipping. It would also attempt to stop fish tailing or sliding out if you were to try and turn in such conditions also. It basically will not let the car go faster than the current conditions permit it to.
So when you are on dry pavement and turn the traction control off to do a sweet burnout and screw around a little bit, keep in mind that full power can go to the rear wheels and there is nothing stopping you from spinning out and losing control other than your own driving skill.
If you should however find yourself upside down in a ditch or something, we would be more than happy to put your car back together for you.