A penis that packs quite a punch, and by punch, I mean a big dick slap to the face of your enemy (Or partner, if she/he prefers it).
To give your partner a "Willy-Whacker" is to basically get an erection that is hard enough to whack the shit out of your partner.
Just swing it to one side and knock that bitch out.
Kyle: Dude, did you just knock your girlfriend out last night?
Nathan: Yeah, I gave Gina the Willy-Whacker.
The term 'Wally Whacker' is an object which is used for whacking other people for amusement and objects like Bubble Wrap to prevent it from becoming deadly. The object's name was very popular in the United Kingdom during the 90s and early 2000s.
The reason of the term 'Wally' is because it means a silly or inept person.
It has not become a famous phrase due to the American description meaning penis/jacking off/masturbation