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Peg Board is a slang term that is used to describe a female that is a slut or whore that is banging any one that she can. Like real Pegboard, the term Pegboard references the fact that as a slut, she has a regular pattern of holes and those holes are often used to stick tools. A good little Pegboard is always putting tools in her many holes just like a handyman sticks his tools on a Pegboard.
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