Term used on 'Skins" (UK) A lot. Used to replace the American term "Dick" or "Ass hole". Something to call a friend in a playfull way or to call an enemy who you are mad at.
Someone who is an amazing athelete. She is nice to everyone and likes hanging out with anyone. She has gorgeous eyes that will make you melt. She has trouble with boys, but has amazing friends who help her get through it. She is fun to be around.
The term "wally wacker" is synonymous of the terms: dick / cock / penis. The term is very popular in the mid-Atlantic region of the United States, especially West Virginia.
It may also be loosely related to the act of masturbation / "jacking off" where one wacks his wally.
I forgot to clean my wally wacker last night when taking a shower and was stuck smelling fish for the rest of the day.
Stress was abound and rather than hooking up with the lady, repulsive anymore, I went ahead and had a good and relaxing wally wacker.