Etymology
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mumblety-peg (n.)

boys' knife-throwing game, 1650s, originally mumble-the-peg (1620s), of unknown signification and origin. The usual story is that it is so called because "The last player to complete the series is compelled to draw out of the ground with his teeth a peg which the others have driven in with a certain number of blows with the handle of the knife" [Century Dictionary]; see mumble (v.) in the original sense "eat in a slow, inefficient manner."

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Definitions of mumblety-peg

mumblety-peg (n.)
a game in which players throw or flip a jackknife in various ways so that the knife sticks in the ground;
Synonyms: mumble-the-peg
From wordnet.princeton.edu