Jester is correct. Brisbanemick, sorry, but you don't need to squat if your goal is bigger arms, a bigger chest or thicker back. Deadlifting, however, would help with your biceps and back greatly, due to the stretch married to the load in the exercise, assuming you use an over-under grip and alternate each training session.
Deadlifts will also do just as good a job at building a strong core as squats would, but direct core work is advised for athletes, so there's no use arguing for squats in terms of a strong core, either. There are alternatives.
However, if you want explosive ability (olylifter, sprinter, any kind've MMA or grappling), or you're looking to increase your vertical leap, it is (in my opinion, and the opinion of many others) absolutely vital that you include squats. After building a strength base, you can switch to speed work, and reactive work, but there's no need to get into that now.
Don't get me wrong, I love squats. They're a great exercise, and very functional when done correctly. However, don't pull the veil over people's eyes that they need squats to grow other parts of their body, aside from the legs. Sorry, it just doesn't work that way.