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1. The act of doing something awesome as a large group.

2. Where all of your friends meet in one location of a city, like Applebees to drink.

3. Play on words, symbolizing the peg on google maps.
Ralph: We're gonna have a PegParty on Friday!
John: Kick ass! Who name's their child Ralph anymore?
by ChillBilly75 December 28, 2011
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