Hmph! When I was a teen-ager, "pegging" was what you did with your jeans/slacks. You'd take the bottom seam around the ankle and "take it in" until it was tight around your ankle, sort of like the opposite of "bell-bottoms". The only thing "wrong" with it was that it made your butt look three times bigger than it really was. Oh, and then once you'd "pegged" your jeans, you would go sit in a hot bathtub (still wearing the jeans) and then get out and let them dry (and shrink) on you. Talk about looking "painted on"!!

But obviously this is not what you're referring to in this thread.