A lazy Wally occurs when you slap your penis once or repeatedly against the side of ones' face/head. This causes the muscles in the eye to spasm moving the eye off center, which makes the person appear to have a Lazy Eye.
Dude, check out Brian's mom, Seth just gave her a Lazy Wally
and now the bitch can't even see straight.
I'd like to give her a lazy Wally.
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