Green’s Dictionary of Slang

squelching n.

[note former punk star Johnny Rotten (John Lydon; b.1957): ‘Love is two minutes fifty-two seconds of squishing noises. It shows your mind isn’t clicking right’]

(gay) sex without any pretence at affection.

[US]Maledicta IV:2 (Winter) 235: Even ‘gay’ lexicons [...] may not list such words as squelching = sex without affection.
[US]Maledicta IX 165: The Sex Pistols (proclaiming in their bleak songs the joys of squelching or sex without committment or respect).