i have some old squier single coil pickups.

would it be possible to turn the bottom two pickups into a humbucker?
sure you can, it's real easy, you just gotta cut a hole big enough, then strip the wires a little bit so theres some open wire showing, but don't do it at the end of the wire, do it somewhere that both wires connect to,then, just connect the wires, so white to white and black to black, or whatever you have, also, your 5 way switch will have a dead spot. so you'll probably have to buy a three way, unless you can put up with a funny switch!
if i could get some more specific ideas of where to strip the wire, that would be great lol thank you by the way
Putting a reverse wound pick-up in the middle spot does the same job. If you do that, you get the humbucking effect in the 2 and 4 positions on the five way switch.

You may want to check, your guitar may already be routed for a humbucker, if so, you could just put a humbucker in by changing the pickguard (I'm assuming this is probably a Squier Strat).
ive actually replaced my squiers pickups with some seymour duncans and a yjm.

i had some pickups left over from the trade-off and was thinking of building a new guitar using the pickups and other such parts i have left over from my guitar "studies"

so no, its not for a squier lol
actually most likely it will be for a flying V

thank you though
make sure one of the coils is reverse wound, or you won't get the hum cancelling effect, and it'll be just the same as having two coils on at the same time, which you can do anyway on most guitars with SC's
Its actually really simple to do, just solder the output wire from one pickup to the ground of the other. Then use the ground wire from the first pickup as the ground, and the second as the output. If this gives you a really thin, weak, trebly sound, then unsolder the wires, solder the two ground wires together and use one ground as the ground, and the other as the output.
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does it sound any more meaty moving the middle pickup so that it's closer to the bridge?