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The Wombat of Wikipedia - interesting...

Webster's Revised Unabridged Dictionary (1913)

  Any one of three species of Australian burrowing marsupials
  of the genus Phascolomys, especially the common species
  (P. ursinus). They are nocturnal in their habits, and feed
  mostly on roots.

However;

Jargon File (4.3.0, 30 APR 2001)

  WOMBAT /wom'bat/ adj. [acronym: Waste Of Money, Brains, And Time]
  Applied to problems which are both profoundly uninteresting in
  themselves and unlikely to benefit anyone interesting even if solved.
  Often used in fanciful constructions such as `wrestling with a wombat'.
  See also crawling horror, SMOP. Also note the rather different usage
  as a metasyntactic variable in {Commonwealth Hackish