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Related to peg out: peg down, peg someone
1. (intr) informal to collapse or die
2. (Croquet) croquet
a. (intr) to win a game by hitting the peg
b. (tr) to cause (an opponent's ball) to hit the peg, rendering it out of the game
3. (Card Games) (intr) cribbage to score the point that wins the game
4. (tr) to mark or secure with pegs: to peg out one's claims to a piece of land.