Mr. Wopsle has left behind his previous life as a clerk at a village church in order to pursue an acting career on the London stage. Wopsle is not exactly an appropriate name for the great actor he wishes to become, so he changes it to the much grander-sounding Waldengarver. Mr. Wopsle/Waldengarver has, like Pip, come to London to find himself, to find his true vocation in life. For Pip, that means becoming a gentleman; for Wopsle/Waldengarver, as we've seen, it means treading the boards.
Mr. Waldengarver is renowned, or perhaps notorious would be a better word, for his performance as Hamlet, another character with serious identity issues. Unfortunately, Waldengarver turns out to be somewhat less than successful as a thespian, shamelessly chewing up the scenery in a performance so outrageously hammy that it elicits tears of laughter from an audience which includes Pip and Herbert Pocket.