when you are walking through semi-stable snow, usually at least two feet deep, and one foot keeps falling through the snow and the other leg remains stable. thus you appear to be walking on a peg leg and it's rather amusing.
my boyfriend kept laughing at me as I was peglegging through the snow, but then he slipped on the ice and fell...good times...
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.