Term used to describe the Police coming, used primarily when partaking in illegal activity, such as a dice game, or smoking weed.
Yelling 'squalay' does not necessarily
mean to
run, it's totally situation dependant. If you're playing a dice game, and someone yells 'squalay!', just pick up the dice and cool out, if you just did the armed robbery thing, you better get
ghost.
Three young gentlemen are jumping someone, and trying to take his
chain...
One of the three men sees the
cops before his friends.
He says: 'Squalay!'
All three gentlemen
run, hopefully after acquiring the chain.