Squibbing is a rare and specific term that refers to the act of lighting a small explosive device, typically used for pyrotechnic displays. While there are not many direct synonyms for the term, there are similar phrases and words that can be used to describe the act. These include "fireworks," "pyrotechnics," "sparklers," and "explosives." Additionally, you could use phrases like "setting off small rockets" or "igniting flares" to convey a similar meaning. While squibbing may be the most precise term for lighting small explosives, there are many alternative phrases and words that can be used to convey the same concept.