A pegboard with a series of different hooks is a very useful thing to have in one’s garage or workshop, but the biggest frustration in using it is that the hook will, more often than not, come out and fall to the floor when the tool is removed. Peg locks are ingenious little plastic gizmos that cover over the hook, keeping it attached. Two flanges fit into the adjacent holes, which are generally not being used for anything else, anyway. They work with both 1/4- and 1/8-inch pegboards.
A cool tool is anything useful that is superior to comparable items. If you think this tool is inferior suggest a better one. You are welcome to insult a tool, but comments containing insults to individual people will be deleted. Corrections of fact are always welcomed, if stated politely. Recommendations of better tools are dearly wanted and may be elevated to the front page.