The Wacky Watch is a rare item only appearing in Mario Party 3. It cannot be bought in any item shop or obtained in an item minigame. However, players can get it by buying an Item Bag at an item shop or meeting Toad on an Item Space.
When the Wacky Watch is used, it sets the game's turn number to exactly five turns before the game ends. This can shorten the game by far, or make it longer when it is used in turns closer than five to the game's end.
If the Wacky Watch is used on what would otherwise be the final turn, the game is still played as if it were the final turn (i.e. Item Shops are still closed).