Just because "way" makes up Al's initials doesn't mean it should be treated as its own "subword" within the acronym. The entire acronym is WOWAY, regardless of which words make it up. Once you create an acronym, the former associations that each letter had go away when trying to determine its pronunciation.
With that established, consider that there is a town in California called "Poway". And
click here to hear how that town's name is pronounced.
Another example proving "wow-ay" is the correct pronunciation would be words like "wowing" or "wowed" as in "He's wowing the crowd." In that case, even though there is a vowel after the consonant, the syllable of "wow" is still pronounced as expected.
I couldn't tell a dirt clod from a plate of caviar.