One-time wicket-taking world record-holder Walsh believes the West Indies can surprise by winning a Test in Australia, something they haven't done since February 1997.
Holding, another former West Indies great, disagrees and forecasts the Caribbean tourists will be drubbed 3-0 by Ricky Ponting's side, determined to prove they are still world cricket's top team after losing the Ashes to England last September.
The one-time powerhouses of world cricket have fallen on hard times and are looking to recapture lost glories under the coaching of Australian Bennett King, who went to the Caribbean last year with the pedigree of coaching Queensland and the Australian Cricket Academy.
The Windies had the better of Queensland in the warm-up four-day tour match here last weekend. Marlon Samuels was the stand-out with his highest first-class score of 257 and best return of five wickets with his off-spinners.
The Caribbean tourists have brought along an armoury of hostile quicks, led by Jermaine Lawson (50 wickets in 12 Tests at 27.84), Fidel Edwards (45 wickets in 17 Tests) and Tino Best (26 wickets in 12 Tests).
Walsh likes what he sees in 23-year-old Edwards from Barbados.
TEAMS
AUSTRALIA (from): Matthew Hayden, Mike Hussey, Ricky Ponting (captain), Michael Clarke, Simon Katich, Adam Gilchrist, Shane Watson, Shane Warne, Brett Lee, Nathan Bracken, Glenn McGrath, Stuart MacGill.
WEST INDIES (from): Chris Gayle, Devon Smith, Ramnaresh Sarwan, Brian Lara, Shivnarine Chanderpaul (captain), Marlon Samuels, Dwayne Bravo, Dinesh Ramdin, Tino Best, Daren Powell, Fidel Edwards, Jermaine Lawson, Corey Collymore.
UMPIRES: Ian Howell (RSA) Rudi Koertzen (RSA)
MATCH REFEREE: Mike Proctor (RSA).