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Peg Board is a slang term that is used to describe a female that is a slut or whore that is banging any one that she can. Like real Pegboard, the term Pegboard references the fact that as a slut, she has a regular pattern of holes and those holes are often used to stick tools. A good little Pegboard is always putting tools in her many holes just like a handyman sticks his tools on a Pegboard.
Carl: I can't believe that my wife has been banging Frank on the side?
Gary: Gee Bro. I got some news for you. She's been banging David, Roger, Jeff and Paul too. And those are just a few to name.
Carl: That's great. She's a fuc**** Pegboard!
Gary: Sorry Bro. I thought you knew.
by Ben Dribblin March 03, 2014
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