The Collaborative International Dictionary of English v.0.48:

Peg \Peg\ (p[e^]g), v. t. [imp. & p. p. Pegged; p. pr. & vb.
   n. Pegging.]
   1. To put pegs into; to fasten the parts of with pegs; as, to
      peg shoes; to confine with pegs; to restrict or limit
      closely.
      [1913 Webster]

            I will rend an oak
            And peg thee in his knotty entrails.  --Shak.
      [1913 Webster]

   2. (Cribbage) To score with a peg, as points in the game; as,
      she pegged twelwe points. [Colloq.]
      [1913 Webster]

   3. To identify; to recognize; as, she pegged him as a good
      carpenter; he was pegged as a blowhard as soon as he
      started speaking; he was pegged as a exceptional player
      even in high school.
      [PJC]

   4. (Baseball) To throw (a ball); as, he pegged the runner out
      at second.
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Pegging \Peg"ging\, n.
   The act or process of fastening with pegs.
   [1913 Webster]