When I was in Highschool my buddy had a little 4x4 s10 that was lifted, and he could embarrass some of the full size guys when we would "Drop chains" as we would call it.
The trick is all in the leverage/traction. Usually who ever has the stickier tires will win. Also if you can hook the rope to your truck at a higher location than he can hook to his, you have a slight advantage; the force from the rope going from the high point to the lower point will pull the back end of the high truck down, thus giving more traction, meanwhile lifting the rear end of the lower truck, thus losing traction. We would accomplish this by using an adjustable hitch, and pudding the D ring as high as possible. If you can throw some extra weight in the bed, obviously that would help. Also dont just mash on the gas, ease into it. Mashing usually means loss of traction.
Yep, we had it to a science. Haha