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.
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).