Heard more in past decades than currently--but NOT a dead expression, by any means. Although you'll likely only hear it come from the lips of the white, local-born folks living in the bigger, Northeast metro areas of the US.
The best definition is no definition. Better to put it this way: consider it the cleaner mouthed, more
socially acceptable (especially in mixed company) way of saying "Don't bust my balls." The two
expressions are virtually
interchangeable.
1PM, Steve shows up 3 hours late for work...
The Boss: "
Good morning, Steve--glad you could join us."
Steve: "C'mon boss, don't squeeze my shoes, will ya? You worked me for 13 hours
yesterday and I didn't get home until 7AM."