The annual Harvard trophies, awarded to those who've made a "lasting and impressive contribution to the world of entertainment," are dispensed by the university's Hasty Pudding Theatricals, the nation's oldest undergraduate drama troupe.
Walken, 64, an Oscar winner for 1978's The Deer Hunter, said he was "amazed and thrilled" by the Man of the Year accolade, even if a bit embarrassed by the student in drag who sang to him before the pot was handed over, reports the Associated Press.
Had he known all that was going to happen, Walken said, he would "have prepared or had a couple of drinks."
Still, turnabout is fair play: last year, John Travolta in drag danced with Walken on screen in Hairspray, so, at Harvard, Walken was forced to put on a copper-colored bra and brown wig and dance with a student.
If the Shoe Fits ...What didn't fit were the blue pumps that were to go with the outfit, so Walken made do with his street shoes.
"I hope nobody's watching," Walken said.
Last year's Hasty Pudding recipients were Ben Stiller and Scarlett Johansson, preceded in 2006 by Halle Berry and Richard Gere.
Not to be outdone this year, Harvard Lampoon's "Hastiest Pudding of the Lampoon Award" was given a day before Theron's tribute, to the one and only Paris Hilton – who ribbed those honoring her by saying Nicole Richie was in the crowd.
It was a joke.