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1.
a black person
Man, that neeg is sure tight
by pimpyneeg September 08, 2003
 
2.
a black person or black people
yo look at them neegs bout to steal that bike
by basheir October 12, 2006
 
3.
Can mean a variety of things from actual African-American person to a vague variety of adjectives ranging from the blanket positive affirmation to the negative insult.

Also can be a verb with ambiguous definitions ranging from scheming someone to helping someone out to a great extent.
Check out that neeg!

That shirt is so neeg, dude.
Thanks

I got neeg'd hard on that test dude.
Ahh sucks, man.
by Ch'neeg April 29, 2010
 
4.
A black poker chip, generally the highest value among the lot. May it also be noted that neegs tend to have very high influence on a poker game due to the fond attatchments that are created between player and neeg.
"I'll see you a red and raise you a neeg"
"Fuck that shit, I fold."

"Bro, you can't keep throwing in neegs like that"
"Scared to lose your neegs?"

"Should have bet the neegs, damn. . ."
by Yuhhboyeddie April 18, 2010