A bullet, as it is cruising through the air after being shot from a gun. (Slang, not used in by real ballistics scientists)
"Maaaaaaan, this hood rat was complainin' about how he broke, I put some squeezed iron through his head. He say he broke? Now he dead broke."
"The last thing I want is squeezed iron all over this place."
A synonym for second base, from the book "Middlesex" by Jeffery Eugenides.
Hey Lidia, you wanna squeeze the jellyfish after class?