1. verb /ˈpiːə,ˈpiɚ/
a) To look with difficulty, or as if searching for something.
He walked slowly past the gate and peered through a narrow gap in the cedar hedge. The girl was moving along a sanded walk, toward a gray, unpainted house, with a steep roof, broken by dormer windows.
b) To carry communications traffic terminating on ones own network on an equivalency basis to and from another network, usually without charge or payment. Contrast with transit where one pays another network provider to carry ones traffic.
He would peek into the curtained windows, or, climbing upon the roof, peer down the black depths of the chimney in vain endeavor to solve the unknown wonders that lay within those strong walls.
2. noun /ˈpiːə,ˈpiɚ/
a) Somebody or something who/that is at an equal level.
Wikipedia foundation.