Answers.com defines 'Walking Bass' as :
In jazz, blues, ragtime, ska, rock, Baroque music, and other musical genres, a walking bass is a bass accompaniment generally consisting of unsyncopated notes of equal value, usually quarter notes (known in jazz as a "four feel").
This surely does sound a lot boring than the real sound of walking bass.
I have long been fascinated by it but without any understanding of the how's and why's involved, it always seemed rocket science to me.
Kevin Van Sant explains the concept involved in a video lesson. I 'll try to add notes to it as i understand more of it in following blogs.