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1.
Short for "crossed-legs", a technique used by bodyboarders to enhance the stylefactor of foward or reverse spin moves. When the bodyboarder raises his/her legs up in the air while doing a spin, as you do, they cross their legs over one another before releasing them into spregs at the end of the spin.

Origins of the term are unkown, but it is likely that it was created in Western Australia as it is widely used here, and all the maddest bodyboaders come out of WA yeew!
Yeeew how's his kregs!

I wish my kregs were like Ryan Hardy's

Keep kreggin' mate
by Brammo September 21, 2005
15 5
 
2.
Used as a salutation. Short for Kind Regards. Derived from the TELEX days, when TELEX's were charged per word. KREGS combines two words into one....Kind Regards
Kregs,

Your Name here
by Jack McCann March 13, 2007
9 10
 
3.
A monmouth term for a ciggarette, also Kregger, Kreggy.
Can i blag a toke on the end of your Kreg?

It's Kreggy time!
by tuna beak September 27, 2006
6 7
 
4.
The Americanized pronounciation of the name "Craig"
"Hey Kreg, you're about as sly as a shit in a bath tub!"
"How was your date last night with Beardo, Kreg?"
by Jessa & Allia October 16, 2007
4 8