it is rhyming slang for poofter which is slang for a homosexual man
Look at that wooly woofter outside the BEAT what a nancy.
by Sparst March 24, 2005
Get the Wooly woofter mug.
To be afraid or scared to do something

It can also be sung,e.g., wooly woofter, wooly wooly woofter
Tom stop being a woolly woofter
by Huseyin March 3, 2004
Get the Wooly woofter mug.