A slang term used to define the act of inserting one's penis into another person's ear and proceeding to ejaculate therein.
Ted and Bob were goofing around. Ted gave Bob a Wet Willy (An act where one licks his or her finger and proceeds to stick the wet finger into another person's ear.) Not wanting to be outdone by his comrade, Bob gave Ted a Wet Willy. As you might imagine, Ted did not appreciate the Wicked Willy and resolved not to goof around with Bob anymore.
by mrmoshebee October 06, 2013