Definition of peg out:
(v) :
(transitive) To mark (a territory or area) with pegs.
(v) :
(transitive) To hang up (washing) using pegs.
(v) :
(slang, intransitive) To die.
(v) :
(croquet, intransitive) To finish a game of croquet.
(v) :
(cribbage) To move one's peg to the last position on the pegboard, and thus win.