The Collaborative International Dictionary of English v.0.48:

Squib \Squib\, v. i. [imp. & p. p. Squibbed (skw[i^]bd); p.
   pr. & vb. n. Squibbing.]
   To throw squibs; to utter sarcastic or severe reflections; to
   contend in petty dispute; as, to squib a little in debate.
   [Colloq.]
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Squib \Squib\ (skw[i^]b), n. [OE. squippen, swippen, to move
   swiftly, Icel. svipa to swoop, flash, dart, whip; akin to AS.
   swipian to whip, and E. swift, a. See Swift, a.]
   1. A little pipe, or hollow cylinder of paper, filled with
      powder or combustible matter, to be thrown into the air
      while burning, so as to burst there with a crack.
      [1913 Webster]

            Lampoons, like squibs, may make a present blaze.
                                                  --Waller.
      [1913 Webster]

            The making and selling of fireworks, and squibs . .
            . is punishable.                      --Blackstone.
      [1913 Webster]

   2. (Mining) A kind of slow match or safety fuse.
      [1913 Webster]

   3. A sarcastic speech or publication; a petty lampoon; a
      brief, witty essay.
      [1913 Webster]

            Who copied his squibs, and reechoed his jokes.
                                                  --Goldsmith.
      [1913 Webster]

   4. A writer of lampoons. [Obs.]
      [1913 Webster]

            The squibs are those who in the common phrase of the
            world are called libelers, lampooners, and
            pamphleteers.                         --Tatler.
      [1913 Webster]

   5. A paltry fellow. [Obs.] --Spenser.
      [1913 Webster]

WordNet (r) 3.0 (2006):

squib
    n 1: firework consisting of a tube filled with powder (as a
         broken firecracker) that burns with a fizzing noise

Moby Thesaurus II by Grady Ward, 1.0:

52 Moby Thesaurus words for "squib":
   Atticism, agile wit, black humor, blasting cap, burlesque, cap,
   caricature, comedy, detonating powder, detonator, dry wit,
   electric detonator, esprit, exploder, farce, fulminating mercury,
   fuse, hatchet job, humor, imitation, irony, lampoon,
   malicious parody, mercury fulminate, mockery, nimble wit, parody,
   pasquil, pasquin, pasquinade, pastiche, percussion cap, pleasantry,
   poison pen, pretty wit, primacord, primer, priming, quick wit,
   ready wit, salt, sarcasm, satire, savor of wit, slapstick,
   slapstick humor, subtle wit, takeoff, travesty, visual humor,
   wicked imitation, wit