The Collaborative International Dictionary of English v.0.48:

Absquatulate \Ab*squat"u*late\, v. i.
   To take one's self off; to decamp. [A jocular word. U. S.]
   [1913 Webster]

WordNet (r) 3.0 (2006):

absquatulate
    v 1: run away; usually includes taking something or somebody
         along; "The thief made off with our silver"; "the
         accountant absconded with the cash from the safe" [syn:
         abscond, bolt, absquatulate, decamp, run off, go
         off, make off]