Synonymous to the situation or objects "stinking." Generally a bad situation.
Your feet smell like "squid juice." Or, when the wrong food gets delivered when one is starving, one can say "oh, that's squid juice, alright."
by Tynao July 13, 2012
When a combination of blood, semen and feces is pushed out of the anus after a large amount of rough first time anal sex.
"I didn't know it was his/her first time having anal sex, he/she sprayed squid juice all over me!"
by Jackin McCrackin November 01, 2009