Yes, squat is a Scrabble word!

Verb

1. Sit on one's heels

2. Be close to the earth, or be disproportionately wide

3. Occupy (a dwelling) illegally

Adjective

1. Short and thick; as e.g. having short legs and heavy musculature

2. Having a low center of gravity; built low to the ground

Noun

1. Exercising by repeatedly assuming a crouching position with the knees bent; strengthens the leg muscles

2. A small worthless amount

3. The act of assuming or maintaining a crouching position with the knees bent and the buttocks near the heels