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1.
1. Eating oats and then doing squats or vice-versa.
2. Eating oats while doing squats.
Bro 1: "Bro, is today your squats and oats day?"

Bro 2: "Dudemanbro, every day is squoats day!"
by cez31 January 29, 2011
 
2.
An animal that is a cross between a squid and a goat.
Get that Squoat out of my yard or I'll shoot him with my Douche Nozzle!
by Me0522 January 22, 2008