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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.
by Ashtomus Prime June 04, 2009
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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?"
by Adam Dickey September 23, 2007
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