Source : Webster's Revised Unabridged Dictionary (1913)

Peg \Peg\, n.
   A drink of spirits, usually whisky or brandy diluted with
   soda water. [India]

         This over, the club will be visted for a ``peg,''
         Anglice drink.                           --Harper's
                                                  Mag.

Peg \Peg\, v. t. [imp. & p. p. {Pegged}; p. pr. & vb. n.
   {Pegging}.]
   1. To put pegs into; to fasten the parts of with pegs; as, to
      peg shoes; to confine with pegs; to restrict or limit
      closely.

            I will rend an oak And peg thee in his knotty
            entrails.                             --Shak.

   2. (Cribbage) To score with a peg, as points in the game; as,
      she pegged twelwe points. [Colloq.]

Peg \Peg\, v. i.
   To work diligently, as one who pegs shoes; -- usually with
   on, at, or away; as, to peg away at a task.

Peg \Peg\, n. [OE. pegge; cf. Sw. pigg, Dan. pig a point,
   prickle, and E. peak.]
   1. A small, pointed piece of wood, used in fastening boards
      together, in attaching the soles of boots or shoes, etc.;
      as, a shoe peg.

   2. A wooden pin, or nail, on which to hang things, as coats,
      etc. Hence, colloquially and figuratively: A support; a
      reason; a pretext; as, a peg to hang a claim upon.

   3. One of the pins of a musical instrument, on which the
      strings are strained. --Shak.

   4. One of the pins used for marking points on a cribbage
      board.

   5. A step; a degree; esp. in the slang phrase ``To take one
      down peg.''

            To screw papal authority to the highest peg.
                                                  --Barrow.

            And took your grandess down a peg.    --Hudibras.

   {Peg ladder}, a ladder with but one standard, into which
      cross pieces are inserted.

   {Peg tankard}, an ancient tankard marked with pegs, so as
      divide the liquor into equal portions. ``Drink down to
      your peg.'' --Longfellow.

   {Peg tooth}. See {Fleam tooth} under {Fleam}.

   {Peg top}, a boy's top which is spun by throwing it.

   {Screw peg}, a small screw without a head, for fastening
      soles.

Source : WordNet®

peg
     n 1: a wooden pin pushed or driven into a surface [syn: {nog}]
     2: small markers inserted into a surface to mark scores or
        define locations etc. [syn: {pin}]
     3: informal terms of the leg; "fever left him weak on his
        sticks" [syn: {pin}, {stick}]
     4: a prosthesis that replaces a missing leg [syn: {wooden leg},
         {leg}, {pegleg}]
     5: regulator that can be turned to regulate the pitch of the
        strings of a stringed instrument
     6: a holder attached to the gunwale of a boat that holds the
        oar in place and acts as a fulcrum for rowing [syn: {pin},
         {thole}, {tholepin}, {rowlock}, {oarlock}]
     [also: {pegging}, {pegged}]

peg
     v 1: succeed in obtaining a position; "He nailed down a spot at
          Harvard" [syn: {nail down}, {nail}]
     2: pierce with a wooden pin or knock or thrust a wooden pin
        into into
     3: fasten or secure with a wooden pin; "peg a tent" [syn: {peg
        down}]
     4: stabilize (the price of a commodity or an exchange rate) by
        legislation or market operations; "The weak currency was
        pegged to the US Dollar"
     [also: {pegging}, {pegged}]