Squad heartily taking two females for drink (5)
I believe the answer is:
quaff
'for drink' is the definition.
(quaffing is a kind of drinking)
'squad heartily taking two females' is the wordplay.
'heartily' says to take the centre (the inside or heart of the word).
'taking' means one lot of letters go next to another.
'two females' becomes 'ff' (an abbreviation for female written twice).
The centre of 'squad' is 'qua'.
'qua'+'ff'='QUAFF'
(Other definitions for quaff that I've seen before include "Drink deeply or eagerly" , "Drink enthusiastically" , "Knock back" , "Drink (something) heartily" , "Imbibe" .)