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Term used to describe the Police coming, used primarily when partaking in illegal activity, such as a dice game, or smoking weed.

Yelling 'squalay' does not necessarily mean to run, it's totally situation dependant. If you're playing a dice game, and someone yells 'squalay!', just pick up the dice and cool out, if you just did the armed robbery thing, you better get ghost.
Three young gentlemen are jumping someone, and trying to take his chain...

One of the three men sees the cops before his friends.

He says: 'Squalay!'

All three gentlemen run, hopefully after acquiring the chain.
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squalay means to flee, run, storm out,bounce ond a double, put da pedal to da metal....as heard on Cam'ron's "Oh Boy"
"When da cops come...SQUALAY"

"Yo, B, there go them g's we ruffed up da otha night...yo they loaded! SQUALAY!"
squalay by EAST_BOY_manni July 17, 2004
Related Words
Squalay is the police, Like in The Game's song Certified Gangster.
Jim Jones: "See 5-0 slow the ride"
"I see squalay nigga"
squalay by Jaymz April 1, 2005
Dude we gotta squalay or we'll be late.
Squalay by crapulousity March 3, 2009
a giant nooter big enough to eat five hamburgers
i have a squalay
squalay by Anonymous September 25, 2003
dawg...squalay does not mean to flee or run...it means to suck that meat real nice
Squalay in my white tee!
squalay by MLSman333 October 19, 2004

Squally Pank 

A woman who is liberated from feminism. A woman who is free and confident enough to be herself and does not need other women to support her. To be sexually intelligent.
FRIEND : Yo dude that guy just patted your mother on the but
YOU : Man she's a squally Pank she loves being drooled over.
FRIEND : Really?
YOU : if she didn't like it she'd let them know
Squally Pank by Alek Hidell May 30, 2007