Peg out 

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.

Peg out by Ashtomus Prime June 4, 2009

peg out 

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?"

peg out by Adam Dickey October 7, 2007