Some people think that a queak is a "queer geek" (a gay guy who's also a nerd.) While this may be true, it is also said that "queaking" is when a guy is jacking off using lathered bar soap as a lubricant. It is called this because when someone's hand reaches the base of the penis while masturbating with such lubricant, it makes the onomatopoeia, "queak."
Guy one: I was really bored last night, so after I went to the bathroom and was washing my hands, I started queaking...
Guy two: ME TOO!
Both guys: NO WAY!!!