l have a 2005 F-150 Lariat 5.4L and every time l try to smoke the tires it just spins for a while then goes. Does my truck have enough power for this?

Yes, you do.

But primarily, you're just doing it wrong.

And doing burnouts is qualified as a public disturbance, and is illegal.

you have to balance the brake pedal pressure to hold the truck still, but not press it so hard that it stops the rear wheels from spinning.

while you press the gas and the truck moves forward some press slightly harder on the brakes, once the wheels start to spin, floor the gas pedal for a few seconds and slowly let up off the brakes once the tires start spinning fast.

If you have limited slip (posi) it will be hard as the power goes to the one with most traction. Also if you have a tall axle ratio (2.73, 3.08, 3.31, or 3.54) your ratios will make it hard. A little dampness through water or bleach on the tire and surface will help alot.