Another fix is to get a wood dowel, some carpenter's glue and a drill. The strap peg hole is probably about 1/8" to 1/4". Basically, you'll have to:

[list=1]

Measure the hole and buy a wood dowel from your local hardware store (it'll cost like $2 at most) that is exactly the same size or slightly bigger than your peg hole.

If you get one that's slightly bigger, you'll need to drill out the hole; you may need to drill anyways to clean it out.

Stick the dowel in the hole and mark the length that you need.

Take it out, cut the dowel off at that point, then apply carpenter's glue all around the dowel. It's vital that you use carpenter's glue (the yellow stuff), it's the best adhesive when gluing wood to wood; the resulting bond will then be stronger than the original wood.

Push the piece of dowel with glue on it into the hole.

Wait for 24 hours.

Drill a small pilot hole for the strap peg screw.

Insert strap peg and screw.

Jump up and down while wearing your guitar to test the fix.

Don't blame me if you couldn't wait 24 hours and the peg comes loose and your Ibanez loses its neck.

[/list=1]

I had to do this to my friend's bass on both strap pegs. It worked fine, and is still holding together after about a year or so, so this fix should do it for you.