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1.
Semen, and particularly semen that has been deposited in an anus.
Collections Agent: Mr. Bedroll, you are eight days late with your November payment. When should we expect to receive your payment?

Mr. Bedroll: Uh, why don't you felch my squay, ass cracker.
by Spin B November 14, 2006
 
2.
to have a look at something
lets have a squay at that new kebab shop
by Gregc03 June 21, 2006