The act of squealing one's car tyres in the form of a 'mini burn-out', such to make a squealing noise. May be used in past present or future terms.
E.g. 1: Mate 1: I'm gonna go do a squealy in my car!
Mate 2: Awesome!
E.g. 2: Mate 1: I just did a squealy in my car!
Mate 2: Cool!
E.g. 3: Mate 1: Go that squealy!
Mate 2: Yeah!
taking a tight corner in a 1984 Lincoln town car at over 30 miles and producing a squealy with the tires.
"Hey Ben, check this shit out,awwww shit...squealy!"
That was one bad ass squealy i could hear it that shit from down the block