squid; any of various ten-armed cephalopods including cuttlefish and sleeve-fish

(colloquial) to dismiss an employee from a job; to fire or sack. The term comes from the way cooked squid curls up like a rolled-up bedroll, implying that the person has to pack up and leave.

Internet slang used as a phonetic loanword for the English phrase "fuck you"

squid fishing; typically refers to using bright lights at night to attract and catch squid