1. a child's wooden top that spins on a metal peg.
2. peg tops,peg-top trousers.
Pronunciation: (peg'top"), [key]
wide at the hips and narrowing to the ankle: peg-top trousers; peg-top skirts.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.