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!
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