How to make squeezed paper?!?

Other than drawing it, you can try creating a blank layer, then using the gradient tool with the colors set to black and white, and the blend mode set to difference.You'll get something like this:

Turn the layer into a smart object, and use warp or puppet warp to "Squeeze" the layer:

Next use the emboss filter to make it look like paper:

Use curves or levels to adjust the look. You can also make a displacement map of the layer to distort other layers.