"Way Out" can mean many things, which you can't discern without having more context. Put "looking for" in front of it, and it gets a somewhat negative meaning. It then becomes the expression of someone who is not happy with their place in life, and is trying to escape it.
I am more of a "Far Out!" kinda guy. You know, when Marty picks up the plate in Back to the Future 3, to save Doc. Brown's life, and he notices the "Frisbee" brand on it. I constantly see things that make me exclaim the same thing in my mind, just like I am totally OUTATIME...
