Depends on what you are carving the words into.
3-letter words
age, are, dag, ear, egg, era, erg, gad, gae, gag, gar, ged, rad, rag, red, reg
4-letter words
aged, ager, dare, dear, drag, dreg, egad, gaed, gage, gear, grad, rage, read
5-letter words
agger, eggar, gaged, gager, grade, raged
6-letter words
dagger, ragged
Dagger.
You can make dagger or dragged with those letters.
dagger
Look and find out; I found:aadagearedaredeardragearegggadgaggeargradgraderadragragereadred
Two, Dagger and Ragged.
dagger
Dagger.
* Dagger
Dagger egg
rage dag red gear age dear ear rag aged
dagger or ragged
grade, dare, dagger, red, rad, a, gag, rag, rae, dreg, dregg, drag, egg. hope this helped!