/wol"it, waw"lit/ , n.
1. a flat, folding pocketbook, esp. one large enough to hold paper money, credit cards, driver's license, etc., and sometimes having a compartment for coins.
2. Chiefly Brit. a bag for carrying food, clothing, toilet articles, etc., during a journey; knapsack or rucksack.
[ 1350-1400; ME walet ]