The term 'take down a humble PEG' is a phrase that means to reduce someone's pride or arrogance. It is derived from the nautical practice of lowering a ship's sails to reduce its speed. In this context, the crossword solution for the term is 'PEG, ' which is a three-letter word. A PEG is a small, pointed piece of wood or metal used to fasten objects together. In this case, it is being used as a metaphor for reducing someone's pride or arrogance.