Yes, pegs is a Scrabble word!

Verb

1. Succeed in obtaining a position

2. Pierce with a wooden pin or knock or thrust a wooden pin into

3. Fasten or secure with a wooden pin

4. Stabilize (the price of a commodity or an exchange rate) by legislation or market operations

Noun

1. A wooden pin pushed or driven into a surface

2. Small markers inserted into a surface to mark scores or define locations etc.

3. Informal terms for the leg

4. A prosthesis that replaces a missing leg

5. Regulator that can be turned to regulate the pitch of the strings of a stringed instrument

6. A holder attached to the gunwale of a boat that holds the oar in place and acts as a fulcrum for rowing