As a senior basketball player at Penn Manor HS, Wally Walker averaged 32 points a game (this was prior to the advent of the 3-point shot) and led the Comets to a league title. He earned a scholarship to the University of Virginia. Known as a skilled front court scorer, Walker led Virginia to their first ACC Tournament Championship and first NCAA Tournament berth. He was named MVP of the 1976 ACC Tournament.
Walker was drafted by the Portland Trailblazers in the 1st round (5th overall) of the NBA draft. During his nine-year NBA career, he played for Portland, Seattle and Houston. He won championship rings with Portland and Seattle. In 1994 Walker became president and general manager of the Seattle SuperSonics. In 2001 he was part of a group that purchased the SuperSonics and served as CEO and president of the team until its sale in 2006.