The Collaborative International Dictionary of English v.0.48:

Squaw \Squaw\ (skw[add]), n. [Massachusetts Indian squa, eshqua;
   Narragansett squ[^a]ws; Delaware ochqueu, and khqueu; used
   also in compound words (as the names of animals) in the sense
   of female.]
   A female; a woman, especially a married woman; a wife; -- in
   the language of Indian tribes of the Algonquin family,
   correlative of sannup. [Considered offensive by some American
   indians.]
   [1913 Webster +PJC]

   Old squaw. (Zool.) See under Old.
      [1913 Webster]

WordNet (r) 3.0 (2006):

squaw
    n 1: an American Indian woman