Does mean wizzard or sorcerer but it also means demon.
Broken down however, judging from it's roots the word is meant to have negative connotations. The word comes from waerloga- meaning a traitor, foe, devil.
Broken down< waer= a covenant+ leogen= lie, deny. So you see it
literally means to lie to or deny your coven. Any self respecting pagan would not refer to a basic male practitioner as a warlock, unless it was meant as an insult. Or used to describe one who operates on the negative side of their practices.