The act of getting ready to put on a strap-on dildo and anally penetrate a man, or a man getting ready to be fucked in the ass by a woman wearing a strap-on.
Dave and Chuck The Freak coined the phrase "Prepare to Peg!" during one of their segments involving pegging.
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.