Born in Winnipeg, Manitoba, Walby grew up in the city's North End on Polson Avenue. He attended school at St. John's High School where he started playing junior footballfor the first time in grade 12. Growing up in Winnipeg, the primary sport was hockey and Walby played for the West Kildonan/Kildonan North Stars. Competing from 1975–76 and 76-77, he only scored four goals and nine assists but tallied 275 penalty minutes. Playing hockey in an era of fighting, he got into a pre-game fight with teammate Kenny Sutherland, they were both arrested and Walby was charged with assault causing bodily harm and given a two-year conditional sentence. After his junior hockey career he started playing football with the Winnipeg Rods and would go on to earn an athletic scholarship to play college football at Dickinson State University in North Dakota.
Following his collegiate career, Walby was drafted in the first round of the 1981 CFL Draft by the Montreal Alouettes. Walby played five games on the offensive line for the Larks during the 1981 CFL season. Wrangling by management over his salary left Walby without a contract and short pay after he was waived by Montreal general manager Bob Geary, this left him with a bad taste in his mouth and a contract offer from his hometown Winnipeg Blue Bombers. Bombers' assistant general managerPaul Robson greeted Walby at the airport and within 30 minutes of his arrival had signed him to the Blue and Gold. Walby continued playing his days as primarily a defensive end, a decision by assistant coach Ellis Rainsberger saw him move to right guard in 1982 and 1983. The following season he would move to right tackle, a move that saw him shoot to a Hall of Fame career on the offensive line. Robson would say of his playing style that "He was an offensive lineman with a defensive lineman's personality, and that was the best of both worlds." For the remaining 16 years of this professional football career, Walby was a fixture on the Bombers' offensive line. During his career, Walby was very popular among fans and was a 9-time CFL All-Star, two time league's Most Outstanding Lineman, and three-time Grey Cup champion. He is often referred to as one of the greatest offensive linemen in the history of the CFL.
Post football career
After his football career, Walby ran for a seat in the Manitoba Legislature for the Liberal Party of Manitoba but lost. He also was involved in various business ventures such as a restaurant called Hog City Bar and Grill. Walby was a sportscaster on the CBC'sCFL on CBC television broadcasts.