Can you post a picture of the wound? The stringy thing could be a tendon. Peroxide shouldn't be used repeatedly. I would use some Vetericyn Wound Spray, weak betadine, hibiclens, or saline plus plain Neosporin or other antibiotic ointment daily. Is he walking and standing okay? Once the betadine or hibiclens is used, you only need to apply antibiotic ointment from then on. Vetericyn is just used alone. Wounds can get infected, and the infection can go deep into a bone.
Edited by Eggcessive - 2/9/16 at 7:07am
Is that his leg wound? I can't see much. Does it look infected or abscessed? How did it happen? Can you tempt him to eat some chopped egg, tuna, moistened chick feed, and put some SaveAChick or electrolytes and vitamins into his water? There are some good threads on tube feeding if you would need to do that. Many use feeding tubes and syringes from a vet, or can also use tubing and syringes from pet stores. Here is a link:
Edited by Eggcessive - 2/9/16 at 10:34am