I have an installed and configured squirrelmail in my linux server which i used to send and receive emails.
Now i have to format the linux server... then before formatting how can i backup my emails and configuration so that they can be used again ?
Backing up your email messages is not a SquirrelMail issue. SquirrelMail is an IMAP client and does not store email itself. You need to determine what kind of storage is used for your particular email system. If it's a very simple/default *nix email setup, you might start by looking in /home/ for a directory with a name indicative of the purpose, such as "Mail", "Maildir" or similar. You might also look in /var/mail or /var/spool/mail
There is some starter information on some ways to migrate email between servers here: http://squirrelmail.org/docs/admin/admin-11.html#ss11.2
Also, you might want to re-think why you need to format the whole system. *nix systems don't need to be treated like Windows systems do. They can usually be rearranged, expanded, tweaked and otherwise changed without the need for reformatting.
As for SquirrelMail itself, there are a couple things you may want to back up, which would be any configuration files for SquirrelMail itself (in its "config" directory) and any plugins you'd installed (you can usually just copy the entire plugin directory for most typical plugins and transport them to the new system with minimal hassle), any custom themes you may have had in the "themes" directory, and finally, all user preferences. The location of your user preferences depends on your configuration - might be in a database or might be wherever the "$data_dir" setting points to (find this by looking in "config/config.php" or by using SquirrelMail's configuration tool ("config/conf.pl"). If you have user preferences stored in a directory, you can normally just copy the whole directory. Note that even if you have SquirrelMail configured to keep user preferences in a database, some plugins will still use the data directory setting for some purposes, so it's advisable to back up that directory no matter what.
The wiki page at SquirrelMail detailing upgrades is the same thing you need: http://squirrelmail.org/docs/admin/admin-4.html
When backing up and migrating things like this between servers, you need to be very careful about file/directory ownership/permissions on both your email data and your application configuration and preferences data. If user and system account names and UIDs are not the same between the servers, you'll want to be very careful that you adjust the ownership of the files to suit the destination server.