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A condition of heightened anxiety and short temperedness brought on by a combination of frustration, long-drive induced claustrophobia, fatigue and lack of cold beer. Dubbed after a nickname of Winnipeg, Manitoba where the condition was first formally documented.
Actual Transcript of initial case of the Peg, summer 2006:

Index Case(IC): "Winnipeg sucks!"

Innocent bystanders (IB): "Oh man Jenny is getting the Peg, we gotta pull over and get some beer into her."

IC:"How dare you accuse me of getting Peggish!"

IB: "Easy now, don't Peg out...look, see? A Boston Pizza, they have a patio and beer. Pull over."
the Peg by Dudebun December 31, 2007
Lets go to The Peg and score some drugs
The Peg by klassen123 June 16, 2006
An adult child trapped willingly or unwillingly by overbearing parents that wish to control, manipulate, and use the child for future financial and emotional support.
A Common occurrence among Filipino and other Asian cultures.
The PEG is like a crab trying to escape a pot of crabs, only to be repeatedly pulled back down by said crabs, making escape impossible.
#crabpotmentallity
Anthony is the oldest son, but he escaped from the crab pot, now his younger brother Miguel is the PEG.

When I grow up, I’m moving out when I turn 18. That way my sister can be the PEG

Mrs. Villanova likes to brag about how her son Lester has never moved out since graduation, and supports her and her husband Max.
I guess he’s the PEG for life.
The PEG by Asian Myth buster 88 October 28, 2020

The Peg Leg Pirate 

When a girl is giving you head and you shoot it in her mouth then you punch her in the eye and stomp on her foot. She is hopping around on one foot holding her eye just like a pirate with a peg leg.
After I shot it in her mouth I gave her the peg leg pirate!!!

suckers to the peg 

A taunt used in the popular game of horseshoes. Another way of saying, losers first.
I was about to ask who got to throw their shoes first when my opponent shouted, "Suckers to the peg!".

Ride the Peg 

Ride the Peg means for a guy to fuck himself on another dude's boner.
Some of my fellow cadets want me to Ride the Peg when we have sex!
Ride the Peg by eda-skip December 20, 2021