Hi,
    PEER Review is nothing but interchanging the test cases 
with in the team to know whether all the test cases has 
covered the SRS document or not.

A peer review is conducted by project personnel, who is
responsible to validate his counterpart(like his code or
whatever work he has done). Generally Peer Reviews are come
under static testing (white box testing) technique.

Desk Checking, Round Robin Reviews, Walk-throughs and
Inspections are the examples of Peer Reviews.

Desk Checking: The author of the code, himself validates his
code. It is informal method and the output completely relies
on the author.

Round-Robin Reviews: An informal method, with 4-6 members
discuss and commenting on the author's code and make note of
 changes and modifications according.

Walk-Throughs: Which is similar to Round Robin, but with a
formal meeting. 

Inspections: Which is formal and group oriented function.
Each and every point of the review are monitored and
documented. The author intimates his agenda and distributes
the documents before the scheduled meeting time. All the
members of the review team should prepare for that meeting
and show their outputs. The author will collect all these
oupputs from the review and need to take actions on the code.

Formal Reviews are different from Peer Reviews.
Formal Reviews are conducted at each stage of the project
development life cycle means after requirements, analysis,
design etc... where most of the the project management
people will involve.