Pop a squiznot

Indeed, this expression does come from the hilarious (though certainly not classic) movie, 'I Love You, Man.' But it has nothing to do with wiping out. Sydney tells Peter to pop a squiznot during Peter's first visit to Sydney's man cave and he's gesturing for him to make himself at home. Since that movie is full of nonsensical and highly quotable made-up expressions, the more obvious conclusion is that to pop a squiznot means to take a seat.

Hey, man, pop a squiznot and let's discuss how you think wiping out has anything to do with this expression.