I reckon tires are the first thing to try.

I used to get wheel hop on the std tires.
I'm currently running 245/40/18 toyo t1r's on 9" 39+ offset rims with standard suspension and I just sit and spin. it is so smooth - I only notice the spin because the back starts to drift sideways or I shift gear and start moving forward :D

 

http://www.ask.com/bar?q=wheel+hop&p...a%2Findex.html

I don't know how good this is, but hope it helps some. I did some research also on this and found out I had a bent rim, and after I got a new rim it went away, I also use nankangs. Springs might help also.