squat talk 

Taking a shit and talking on your cell phone at the same time.

Jim: What's up?

Dan: Not much, just doing a little squat talk at the moment.

Jim: No way!!!

squat talk by It was a wrong number January 13, 2009

talking squat 

Talking squat is essentially the same as "talking shit" about someone. It can also mean the same as nothing.

"Man, Chris was talking squat 'bout yo girl yesterday!"

"dats cuz he ain't know squat!"

talking squat by Kohyu August 6, 2016