Green’s Dictionary of Slang

1. to perform the stunt of riding on the back wheel only of a motorcycle or bicycle.

2001

N. Barlay Hooky Gear 61: Another trail me on a stunt bike. Little superstar look right at me as he wheelie past.

2. (US campus) to drive a car fast and recklessly causing the tyres to screech; thus as n., the action of driving in this way.

1973

Eble Campus Sl. Nov. 1: cutting a wheelie – to screech your tires and mark the road.