Definition of wally noun from the Oxford Advanced Learner's Dictionary

 

wally

 noun
noun
BrE BrE//ˈwɒli//
 
; NAmE NAmE//ˈwɔːli//
 
, NAmE//ˈwɑːli//
 
(pl. wallies)(British English, informal) Stupid
 
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a stupid person See related entries: Stupid Word Origin 1960s: perhaps a shortened form of the given name Walter. There are many theories of the origin: one story tells of a Wally who became separated from companions at a 1960s pop festival; the name, announced many times over a loudspeaker, was taken up as a chant by the crowd.