Msqueeze stands for Mobile Squeeze. It is based on CSOS (Community Squeeze OS) which is a community effort to create a Squeezebox replacement.
The idea was to build a small and flexible streamer with an internal hard drive. The drive holds a copy of my digital music that resides on my NAS. I use the msqueeze during traveling (business and pleasure). This way I always have my music with me.
Detailed information on this project can be found here.