Yes. That is exactly what it means, actually.
The name Wally means the ruller of all the world or the god of ice.
the name Wally has no meaning in Hebrew. Only Hebrew names have meaning in Hebrew.
Wally Koster's birth name is Walter Serge.
Wally Russell's birth name is Wallace Russell.
Wally Pfister's birth name is Walter Pfister.
Wally Patch's birth name is Vinicombe, Walter.
Wally Webber's birth name is Walter Webber.
Wally Kozielski's birth name is Walter A Kozielski.
Wally Meinardus's birth name is Waldemar Meinardus.
Wally Lozano's birth name is Gualberto Lozano.
Wally Maher's birth name is Walter Maher.
Wally Hilgenberg's birth name is Walter Hilgenberg.