A squirtbox is a cardboard box that is taped shut with a hole cut into it that one would use to masturbate into. This could have a picture of someone's face/genitals taped to it to add to the affect.
"Hey Jim, where's your squirtbox? I need to crank one out!"
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.