I've done a couple rally instructional clinics, and one of the introductory drills they spent a fair bit of time on was just a giant circle of cones set up on dirt. You go around it faster and faster until the car breaks free into a slide, then you learn how to control and maintain that slide however you want. All 4 wheels have lost traction but you can still widen or tighten the radius by using weight shifts. Basically, you start steering using the pedals more than the wheel.
So you're not totally screwed if you lose front wheel traction, but this is stuff we don't teach in basic drivers ed classes.