We demonstrate the parametric amplification and noise squeezing of nanomechanical motion utilizing dispersive coupling to a Cooper-pair box qubit. By modulating the qubit bias and resulting mechanical resonance shift, we achieve gain of 30 dB and noise squeezing of 4 dB. This qubit-mediated effect is 3000 times more effective than that resulting from the weak nonlinearity of capacitance to a nearby electrode. This technique may be used to prepare nanomechanical squeezed states.