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Indeed, this expression does come from the hilarious (though certainly not classic) movie, 'I Love You, Man.' But it has nothing to do with wiping out. Sydney tells Peter to pop a squiznot during Peter's first visit to Sydney's man cave and he's gesturing for him to make himself at home. Since that movie is full of nonsensical and highly quotable made-up expressions, the more obvious conclusion is that to pop a squiznot means to take a seat.
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