A word used when you go to high five, then pull back before you hit the others hand. you 'squid' away with a wriggly motion. Also used as the same as phsyche or sike usually accompanied by laughter from any audience.
1. Friend 1: "high five!"
fiends 2: -goes to high five, pulls back- "Squid!"
2. Guy: "hey babbbee, whats your digits?"
Girl: "oh here, ill write them on your arm.....SQUUUIIIID!"