It's a Fanagalo word (language that developed in the minefields of South Africa) meaning sister-in-law.

But it can be used as a loose term to refer to a female friend or acquaintance. Maybe even your girlfriend.
"aita squeeza, lets go catch a movie"
af jefry 10. januar 2008
a term refering to a close personal friend or partner.
I am hanging out with my squeeza(s); I like her, she is my squeeza.
af LHGUNNY 10. august 2006
one who pulls his bean, is a bullshit artist 24/7
Shit Daniel is such a squeeza. you know yesterday he told me he did a sheep.
af Randomised 3. april 2006

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