Who says that 55 is too old for an athlete? Anyone lucky enough to find a seat at yesterday's squash exhibition will swear that ancient Hashim Khan is far from over the hill.

Hashim hustled, smashed, flicked, and tricked his way to an eight-game draw with his nephew Mohibulla Khan, the world's best squash player. Mohibulla is the 27-year old speedster who needed only 20 minutes to win the United States Open this year, but yesterday Hashim battled him on even terms for almost an hour and a half.

The match, arranged by Hugh Nawn Jr., of the Harvard Club of Boston, probably drew every squash enthusiast in the area, and maybe a few more. The crowd of about 600 packed Hemenway Gymnasium an hour before the match was to begin; a few literally climbed the walls.

The Pakistanis switched courts after every two games so that all the spectators could snatch a glimpse of squash at its best. The final score (Mohibulla's first) was 15-9, 11-15, 12-15, 15-13, 15-12, 12-15, 15-2, 12-5.

Fantastic retrievers, the two Pakistanis delighted the gallery with long rallies that would have ended in one shot with any other players.

Mohibulla can put any opponent on the defensive with his blazing forehands, corners, drops, and boasts, but it is his cat like quickness and agility that make him practically invincible.

Hashim, now a little slower than his nephew, but no less a shotmaker, varied the pace to hold Mohibulla back. He mixed drives and drops with his pet shot--a volley nick that just rools off the side wall.

Despite his age and 5-5, 150-pound frame, Hashim still is second only to Mohibulla in court coverage. Mohibulla often hit-corner shots that dropped like sponges, only to find his bald, bandy, legged uncle right there, waiting for the kill.

Both displayed characteristic Khan buffoonery, fooling each other with occasional behind-the-back and reverse strokes.

"Absolutely delightful," crowed varsity coach Jack Barnaby.