The squip is deactivated/destroyed by drinking Mountain Dew Code Red, the short-lived, highly caffenated Mountain Dew spinoff.
2)Originally, this idea was part of Ned Vizzini's largely sucessful (in some places, anyway), campaign to draw attention to his book, Be More Chill.
The campaign was based around the use of stickers that said "SQUIP? Google it.", which fans were encouraged to get for free off of his website and stick wherever they could.
As a result, many people did Google squip, and in the process stumble upon the book.