Walcott produced a stunning display as he tore the Seasiders apart from kick-off, sweeping the Gunners into an 11th-minute lead.
Walcott added a third before the break, with Abou Diaby slotting home number four at the start of the second half and the England man - whose only international goals came with a famous hat-trick in Croatia during September 2008 - then securing the match ball with another well-taken finish.
Chamakh headed in a sixth goal on 83 minutes, but it was Walcott who stole the headlines.
"Theo is more electric than he has been," Wenger declared. "He mixed well the final ball and the finishing, which is a sign a player is more mature.
"Let's not forget what he does is always at a very high pace, so it is not easy to make the right decision, but today, he did."
Wenger added: "Theo is 21, so now he is at an age where players usual start, you cannot say he is at the peak of his game.
"There is a lot to come from him - first, he has to keep his attitude right and also to be injury free, because that decides careers as well."
Wenger suggested Walcott will use a summer of disappointment to become stronger.
"Theo is a guy who keeps his feet on the ground, and takes life in a positive way - he sees always the glass is half full, and not half empty," said the Arsenal manager. "He took the World Cup as another challenge, and that is what is amazing about Theo."