Since it was policemen talking, they were referring to the Pursuit Intervention Technique, colloquially known (among law enforcement) as the PIT maneuver, and apparently from your example, is now being used as a verb. As far as I know, the term is occasionally heard on police drama TV shows and some news reports, but is not really widely used outside of the police community.
The tactic is used when a suspect is attempting to flee in a motor vehicle, and police officers are chasing in their own vehicles. One of the chase vehicles approaches the suspect's from the rear quarter, then turns rapidly into it, causing the suspects vehicle to spin and loose control.
It is a risky thing to do, since the final position and direction of travel of the suspect's vehicle cannot be predicted. Thus, it makes a lot of sense that one officer would claim that doing so "in a residential area is really dangerous."