This is the question we all want an answer to. But don't tell us! We'll find him ourselves!
Waldo is a little guy to goes all over (time, fantasy, real world, Hollywood, etc.) and you have to find him among hundreds of other people.
See also: Find Waldo Now, The Great Waldo Search, Where's Waldo in Hollywood, Wenda, Wizard Whitebeard, Odlaw