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2.
The term Bill Cosby used in a comedy routine/story, meaning penis. In this scenario, he'd just stepped out of the shower and began peeing in the toilet standing up. His two toddler-age daughters open up the door, walk in, and start to yell and point at his "wally-wally" and ask if they will get one. He yells at them and they leave him wondering how he's going to go about explaining sex to his daughters (because he forgot to several weeks before).
-"Ooooooohhhhhhh, Daddyyyyyyyy...you gotta wally-waaallllyyyy!"
-Now up comes the principal with the police, "Mr. Cosby, why don't you come with us, please?" "What for?" "For showing your kids your wally-wally..."
by A Ghost June 15, 2008
 
1.
it's a slang word for a male's ding dong. Comedian Bill Cosby used it on a comedy sketch on his "For Adults Only" comedy album.
Bill Cosby describes going down a hallway to go to the bathroom in the middle of the night nude and his daughter sees him like this, with his cock hanging down. She says, "Awwwwwwwwwwwwwww. Daddy's got a wally wally."
by Starpunk December 19, 2007