Well from my experience, squeeze pages are like landing pages. They are conversion machines - designed to do nothing more but convert visitors into leads.
However, because of this, they lack search engine stickiness and relevance. They should be geared toward conversion only. Traffic comes in the forms of links from bogs, PPC, social marketing and etc.
A good squeeze page is indeed something that requires extensive study and research as Raz has pointed out. But as a base model, here's what most squeeze pages should do:
1. Have a Heading that provokes an emotion.
2. Have some sort of method to collect contact information - my stats show that a box on the middle right hand side of the website is most effective. (All you really need is a Name and Email)
3. Contain text/images and etc that's sole purpose is a call to action. That action should be to submit their name and email. This can be done via a "bribe". You can offer some sort of incentive like a free e-book or etc. You can also offer exclusivity or use time-sensitive ad copy, like "Only last 3 days"
Although cheesy, many big companies still use these methods because, well, they work.
A good squeeze page should see conversion rates from 15%-20%.
That's what the pros are getting. Try aiming for that ratio.
As for creating squeeze pages, the easiest way to is buy them/outsource them. All you need is someone with basic HTML experience and a little MSQL database knowledge to create the webpage and link it up to a database. An easy place to get inexpensive programming/scripting is elance.com
-Tiger