Indeed, this expression does come from the hilarious (though certainly not classic) movie, 'I Love You, Man.' But it has nothing to do with wiping out. Sydney tells Peter to pop a squiznot during Peter's first visit to Sydney's man cave and he's gesturing for him to make himself at home. Since that movie is full of nonsensical and highly quotable made-up expressions, the more obvious conclusion is that to pop a squiznot means to take a seat.
Hey, man, pop a squiznot and let's discuss how you think wiping out has anything to do with this expression.
a very trying or difficult situation. One that requires great athleatic, problem solving and intellectual skills and abilities. Emotionally and physically draining, could result in various types of emotional or physical damage to oneself or another.
A situation where quick witt and comedic genious save you from getting into trouble.
"Indiana Jones really nows how to get out of a siznotch"
"I had the biggest siznotch last night, it was mondo, i had a buttload of homework and barely got to school on time."