Yes, squeaking is a verb form, specifically the present participle and gerund of the verb to squeak. To squeak means to make a short, high-pitched, sharp sound. The verb conjugation is squeak as base form, squeaks for third person singular present, squeaked for past tense and past participle, and squeaking for present participle. For example, the door is squeaking, the mice are squeaking, she was squeaking with excitement. As present participle, it is used in continuous tenses, as in the brakes are squeaking, and as gerund, it acts like noun, as in squeaking kept me awake all night. Squeaking can also be used as adjective, as in squeaking hinge or squeaking toy, though squeaky is more common adjective. So squeaking functions as verb form describing ongoing action of making squeak sound. For example, the floorboards are squeaking underfoot means they are currently making squeak. The toy stopped squeaking when battery died. So yes, squeaking is definitely a verb form, specifically present participle and gerund of to squeak, and is listed as such in all major dictionaries, along with noun squeak and adjective squeaky.
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