Definition
To break wind.
To defecate.
How People Actually Use It
"Squeeze one out" can have many euphemistic meanings: 1) Narrowly win in a game 2) Give birth to a baby 3) Poop, as in 4) Masturbate, but this is the least-used of the four
"1)"they squeezed out a victory, 1-0" 2)"I'm not going to squeeze one out till I'm, like, 30." 3)"I'm going to the toilet to squeeze one out" 4)I squeezed one out in the shower last night."
Source: Urban Dictionary