Actually, mumblety peg is when you throw the knife in an attempt to stick said knife in the ground as close to your own foot as possible without severing a toe. It's the competitive version of this as it requires 2 players.
This, my friends, is "Five Finger Fillet". More specifically the "European variation" since he returns to the back of the thumb after each stick.
5 seconds of this is better than any sex or drugs you will ever do.
I tried out your suggestion, but I found it less fulfilling than cocaine, midwestern speed, or MDMA. Also, my hand really hurts right now, and it's bleeding.