A common word used in New York by local teens and kids. More so commonly used as a type of remark to people who are "tweakin" or not pushing P. It's also used as a simile to say that someone's crazy.
"Man you see Brittany over there? Her shoes must be squeakin." "100% but hey, If The Shoes Squeakin The Bitch Tweakin"
That guy working the 711 shoes MUST be squeakin today.