A phrase that is a reference to having sex with a girl while she is on her period. It makes more scene if you think of you penis as the "stabbing" tool and her vagina as a small woodland creature that you are in fact stabbing, hence the bloody mess.
Really gross and kinda pervy way to think, but some do.
Note: Stabbing the squirrel is the process of doing so.
Guy 1: Katie is on her period so last night I had to stab the squirrel.
Guy 2: Dude, that's really gross and I honestly don't want to know. *shudder*
**probably a phrase that "hillbillies" are most likely to use/know
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