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  Dictionary Definition of peg

1. a pin of wood or other material driven or fitted into something, as to fasten parts together, to hang things on, to make fast a rope or string on, to stop a hole, or to mark some point.
2. Colloquial a leg, sometimes one of wood.
3. an occasion; reason: a peg to hang a grievance on.
4. Colloquial a degree: to come down a peg.
5. a pin of wood or metal to which one end of a string of a musical instrument is fastened, and which may be turned in its socket to adjust the string's tension.
6. Colloquial a drink usually made of whisky or brandy and soda water.
7. Mountaineering a piton.
8. a clothes peg.
-- verb ( pegged, pegging )
-- verb (t)
9. to drive or insert a peg into.
10. to fasten with or as with pegs.
11. to maintain (prices, wages, etc.) at a set level by laws or by manipulation.
12. to strike or pierce with or as with a peg.
13. Colloquial to aim or throw.
14. Baseball a. to throw (the ball) fast and low to a baseman to cause the runner to be out (def. 28). b. to get (someone) out in this way.
-- verb (i)
15. Croquet to strike a peg.
-- phrase
16. off the peg, (of a garment) available for immediate use; ready-made.
17. peg away, (often followed by at ) to work persistently, or keep on energetically.
18. peg out, a. to die. b. to fix on a line, rail, etc., by means of pegs: to peg out the washing. c. to mark out, as a block of land, gold claim, etc.
19. square peg in a round hole, Colloquial a misfit.
20. take down a peg, to humble.
[ME pegge. Cf. OE pecg (in a placename), d. D peg, LG pigge ]