Waldy was born in Blitar, in Java, on 15 December 1919 and was one of fourteen children born to J. R. Hunter (also known as Osman) and L. W. Winterberg who were of English and German descent, respectively. Both were stage actors with the Sri Permata Opera, and often traveled. Interested in theatre, he ran away from his elementary school in Yogyakarta to join a troupe in Klaten, under the leadership of Djafar Wirjo.
Although Waldy was taken as a porter, Wirjo taught him stage techniques as well. Waldy's parents ultimately decided to support his career and help him learn to lead a cabaret. In the early 1930s, Waldy joined a variety of troupes, including Faroka Opera and Grand Nooran Opera. He toured the Maritime Southeast Asia, reaching Siam and the Malay Peninsula, and further refined his craft with the input of actors such as Rd Ismail. In 1938, he attempted to establish his own troupe. Named Vaudeville, it was unsuccessful and quickly folded.
In 1940, Waldy was approached to act in Zoebaida, a film directed by Njoo Cheong Seng for Oriental Film. He accepted the role, and also served as songwriter for the film. Over the next three years he took a variety of film roles for Star Film, including Ajah Berdosa, Lintah Darat, Tjioeng Wanara, and Pah Wongso Tersangka (all 1941).
After the Japanese occupation began in March 1942, most studios were closed. Waldy migrated back to the stage, first joining Djawa Baru before establishing his own troupe, starring Dewi Mada. By the mid-1940s he had met Sofia, an actress with the Fifi Young troupe; the two were married by 1948.
Feature film production in the Indies recommenced in 1948, amidst the Indonesian National Revolution, a military and political conflict between the newly proclaimed Republic of Indonesia and the returning Dutch colonial forces. Waldy and Sofia joined Tan & Wong Bros. and made their debut together in Air Mata Mengalir di Tjitarum; for this film, Waldy again took the role of songwriter. Film scholar Ekky Imanjaya writes that Tan & Wong Bros attempted to cash in on the success of their previous incarnation, Tan's Film. Sofia was advertised based on her resemblance to Tan's star Roekiah, and Waldy bore a physical resemblance to Roekiah's husband, the comedian Kartolo.
This was followed by several further films, including Bengawan Solo (1949) and Air Mata Pengantin (1952). By 1950's Tirtonadi, Waldy had begun to have a behind the scenes role, serving as cinematographer. In 1953, beginning with Musafir Kelana, Tan & Wong put Waldy in charge of their subsidiary, Ardjuna Film, and he began to direct regularly – though often taking acting roles in the films he directed. His most active year was 1954 during which he appeared in five films. A 1955 article in Doenia Film credited Waldy with the discovery of several rising stars, including Elly Joenara, Zainal Abidin, and Sukarno M. Noor.
Waldy and Sofia divorced in 1964. The actress remarried quickly, to WD Mochtar. Waldy married Elviana, who took his name, becoming Elviana Waldy. He died four years later, in 1968.