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A diminutive of the male given names of Waldo, Walter, Wallabee, and Wallace. quotations examples
"'Mr. Szalla' is my eighty-two-year-old father, Nikki. Please call me 'Wally'.""Well. 'Wally'."I felt my face burn pleasantly. "Wally" was such a comfortable old-shoe kind of name.
2005, Joyce Carol Oates, Mother, Missing, Harper Perennial, page 108