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.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.