Place two 2-by-2-by-72-inch boards parallel to each other on a work surface. These are the panel sides. Space the boards 21 inches apart from the inside edges. Center one 2-by-2-by-21-inch board between each end of the sides to form a rectangular assembly. Repeat this process to create two more rectangular assemblies.
Drive two trim head wood screws through the sides into the ends of the end boards at each corner joint with a screw gun to fasten the three rectangular assemblies together.
Center a pegboard panel over both sides of each of the three rectangular assemblies. Fasten the panels to the assemblies by driving washer head screws through the panels into the assemblies every 6 inches using a screw gun.
Paint the completed pegboard room divider panels with interior latex paint using a paintbrush. Apply two coats and allow the paint to dry at least 4 hours between coats. Let the final coat dry 24 hours before continuing with the project.
Position the panels side-by-side lengthwise on a work surface. Place two hinges between each of the panels. Position the hinges 6 inches up the top and bottom ends of the panels. Drive the screws that were included with the hinges through the mounting holes into the edges of the assembly.
Place one furniture foot on the bottom corner of each panel. Tap the foot into the panel corners with a rubber mallet. Space the feet 1 inch in from each corner. Stand the pegboard room divider up and slightly fold the panels so that they stand up in a zig-zag position.
Place pegboard hooks or other accessories into the pegboard holes as needed.