Walter Raymond Osterkorn (July 6, 1928 – January 11, 2012) was an American professional basketball player.
A 6'5" forward from the University of Illinois, Osterkorn began his pro career with the St. Paul Lights of the National Professional Basketball League during the 1950-51 season. When St. Paul folded 20 games into the season, he was obtained by the Sheboygan Red Skins, who at that time were in their 13th season of operation, the longest-running professional basketball franchise in the nation. Osterkorn played the final 19 games for Sheboygan and helped the Red Skins to a league-best 29-16 record. He was named to the NPBL's second team as a forward after averaging 13 points per game, sixth-best in the league.