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1 definition by Crazybread (thanx to Damian you know who you are)

 
1.
The "flying squirrel" is: grabbing ones testicle bag with the tips of ones fingers (both hands), and stretching the skin into the opposite dirrections. This should resemble a flying squirrel. Your "flying squirrel" is best displayed for people when tightly pressed against a glass window or door typically found in computer labs or a lobby of a public building where there is lots of glass pannels.
"Ohh my Gosh you know that crazy guy Jake?, he pulled a flying squirrel in computer class"