The term pegging, derived from the verb "to peg" (to hold stable or fixed), has multiple definitions when used alone.
As a financial term, pegging refers to when a country fixes the exchange rate between its currency and another country's, or to fix wages at a set rate. This is by far the most common use of the term, per the Google test upon the single word "pegging."
As in gardening (or similarly), pegging is used to describe affixing something (such as a growing plant, or hanging laundry) to a peg, stake, or line for stability. This is the second most common use of the term.
As a sexual term, pegging refers to a woman using a strap-on dildo to penetrate a man's anus, and may sometimes be used for female-female strap-on anal sex. This use of the term was first coined by the sex columnist Dan Savage (see [1], [1]) in Savage Love during 2001.
In cribbage, pegging is the same as scoring, and refers to the use of pegs to keep score; pegging out is to win the game.
In clockmaking, pegging out can also refer to putting a sharpened piece of pegwood in to a clock plate hole and rotate to clean the hole.
In sport, pegging is the act of attaching a peg to a person's clothing. It is often used by groups of people as a bonding activity (see [1]), but can sometimes be used maliciously to single people out.