Peg  —n. 1 pin or bolt of wood, metal, etc., for holding things together, hanging garments on, holding up a tent, etc. 2 each of the pins used to tighten or loosen the strings of a violin etc. 3 pin for marking position, e.g. On a cribbage-board. 4 = *clothes-peg. 5 occasion or pretext (peg to hang an argument on). 6  drink, esp. Of spirits. —v. (-gg-) 1 (usu. Foll. By down, in, out, etc.) Fix (a thing) with a peg. 2 stabilize (prices, wages, etc.). 3 mark (the score) with pegs on a cribbage-board.  off the peg (of clothes) ready-made. Peg away (often foll. By at) work consistently. Peg out 1 slang die. 2 mark the boundaries of. Square peg in a round hole misfit. Take a person down a peg or two humble a person. [probably low german or dutch]