term of admiration, Scottish, early 16c., of unknown origin. As a masc. proper name, a diminutive of Walter, and this might be the source of the teen slang term "unfashionable person" (1969).
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Walter
masc. proper name, from Old North French Waltier (Old French Gualtier, Modern French Gautier), of Germanic origin and cognate with Old High German Walthari, Walthere, literally "ruler of the army," from waltan "to rule" (from Proto-Germanic *waldan, from PIE root *wal- "to be strong") + hari "host, army" (see harry). Walter Mitty (1939) is from title character in "The Secret Life of Walter Mitty" by U.S. short story writer James Thurber (1894-1961).