What is Peg Out?
1.
To die.
I was afraid I was going to peg out.
Yeah, we gave him defib but it didn't help, he still pegged out.
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2.
To get out, to leave the room or general area so another individual can fornicate with another individual (or more)
"Want me to peg out so you can peg out?"
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Random Words:
1.
The act of taking over the world, or, at least on a smaller scale, knocking down one's friends a few pegs via political maneuvering..