Can we get a toy repair general going?

Recently a dude I know gave me a box of busted toys he's amassed over the years and I'm slowly fixing up some of them. In the box there were two busted threea figures I think look pretty neat but one has had a wrist peg snapped off in the socket and then crudely dug out leaving the socket way to big for a new wrist peg to fit into. Does anybody have any advice on how to tighten up the socket so a new wrist peg will stay in it without falling out?