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1.
A fan of a college or university who has never attended the institution.
The majority of Wal-mart fan's are UNC fans, Ohio State fans, Duke fans, Michigan fans, Notre Dame fans, and the majority of fans of any big name school.

REAL FAN: Did you watch the Duke football game yesterday?

DUKE BASKETBALL WAL-MART FAN: No, I don't really like college football. I would rather watch the NFL.
by b4c November 29, 2007
 
2.
A fan of a university's sports team who never actually attended the university. Oftentimes said individual bought one of their t-shirts at Walmart and declared themself a fan.
"Did that guy even go to UNC?". "No of course not, he is a Walmart fan like 90% of their fans".
by The Real Carolina June 11, 2013