Tool grasped under peg in wheel (6,3)
I believe the answer is:
coping saw
'tool' is the definition.
(coping saw is a kind of tool)
'grasped under peg in wheel' is the wordplay.
I cannot really see how this works, but
'grasped' could be 'saw' (grasp can mean to see or apprehend) and 'saw' is located in the answer.
'peg' could be 'pin' (synonyms) and 'pin' is found within the answer.
'wheel' could be 'cog' (wheel with teeth in a machine) and 'cog' is located in the leftover letters.
No letters remain.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for coping saw that I've seen before include "cutter" , "Tool" , "help in cutting corners?" .)