After being drafted by the Buffalo Sabres, Wakaluk then spent part of 5 seasons with the Rochester Americans of the AHL, winning the Calder Cup Championship in his first year (1986–87) and reaching the Finals once again in 1989-90.
On December 6, 1987, Wakaluk became the first American Hockey League goaltender to score a goal when he shot the puck the length of the ice into an empty net in a game with Rochester against Utica.
He was selected 144th overall by the Buffalo Sabres in the 7th round of the 1984 NHL Entry Draft and started playing for them in the 1988–89 season, where he appeared in six games.
In 1996, he was signed as a free agent by the Phoenix Coyotes, where he played his final season after a career-ending knee injury in a game against the Washington Capitals in January 1997 forced his retirement.
He spent 9 seasons as Goaltending Coach with the Calgary Hitmen, (where he won a WHL Championship in 2010 while coaching a young future NHL star netminder Martin Jones), previously with the Vancouver Giants, Crowsnest Pass Timberwolves, Kamloops Blazers, and most recently with the Lethbridge Hurricanes.