Nonclassical states of light are of increasing interest due to their applications in the emerging field of quantum information processing and communication. Squeezed light is such a state of the electromagnetic field in which the quantum noise properties are altered compared with those of coherent light. Squeezed light and squeezed vacuum states are potentially useful for quantum information protocols as well as optical measurements, where sensitivities can be limited by quantum noise. We experimentally study a source of squeezed vacuum resulting from the interaction of near-resonant light with both cold and hot Rb atoms via the nonlinear polarization self-rotation effect (PSR). We investigate the optimal conditions for noise reduction in the resulting squeezed states, reaching quadrature squeezing levels of up to 2.6 dB below shot noise, as well as observing noise reduction for a broad range of detection frequencies, from tens of kHz to several MHz. We use this source of squeezed vacuum at 795 nm to further study the noise properties of these states and how they are affected by resonant atomic interactions. This includes the use of a squeezed light probe to give a quantum enhancement to an optical magnetometer, as well as studying the propagation of squeezed vacuum in an atomic medium under conditions of electromagnetically induced transparency (EIT). We also investigate the propagation of pulses of quantum squeezed light through a dispersive atomic medium, where we examine the possibilities for quantum noise signals traveling at subluminal and superluminal velocities. The interaction of squeezed light with resonant atomic vapors finds various potential applications in both quantum measurements and continuous variable quantum memories
