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A very silly person. A fool, idiot, retard, or moron. Used jokingly/uninsultingly.
"James, you wally - you've just drank meths!"

"Ben just fell down the stairs, what a wally!"

by Georgie696 March 24, 2008
Nickname of the Wally Parks trophy, the official trophy of the National Hot Rod Association (NHRA).

Given to regional and national event winners off all NHRA-sanctioned events, "The Wally" is named after the founder of the NHRA, Mr. Wally Parks.

First awarded in 1969, the Wally has become the most coveted trophy in all of drag racing, and whether it's a small single car garage of a blue collar plumber and his '69 Camaro B/Gas in Maine to the most well funded and advanced mutli car Top Fuel teams in California, being able to utter the phrase "I won a Wally" is the dream of thousands of racers all around the country, and the world.
"Dude, I just won a Wally at Maple Grove!"
by Kevin8r December 29, 2011