1. The name of the amusement park the Griswold family visits after struggling through the cross country trip in the movie "National Lampoons Vacation". Wally is a fictional cartoon character in the National Lampoon universe. The park that was Wally World in the movie in real life is Six Flags Magic Mountain in Valencia, California.
2. Slang term for one of the world's biggest companies, Wal-Mart.
1. We are going to Wally World!
2. Wally World has such good deals!