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]