Someone who is of great meaning to you and is an upstanding young man. This word can be in used in place of "thats my boy, homie, broskie & broseph". This term cannot be thrown around like some dirty whore, it can only be used as a title for one of your gentelmen friends.
Example 1
Jeff: So what did you do yestereday?
Trey: I went squire-dorfing downtown with my pahps.
Jeff: Rad.
Example 2
Alice: Hey who's that cute guy you're with?
Jeff: Oh him, thats my pahps; He's Faaaaantasstic!