We present a protocol to generate a large degree of squeezing of a boson (light) field mode strongly coupled to a two-level system in the dispersive regime. Our protocol exploits the strong dispersive coupling to introduce a time dependent frequency change of the boson field. With an appropriately timed sequence of sudden frequency changes, the quantum noise fluctuations in one quadrature of the field can be reduced well below the standard quantum limit, with a correspondingly increased uncertainty in the orthogonal quadrature. Even in the presence of realistic noise and imperfections, the protocol should be capable of generating substantial squeezing with present experimental capabilities.