Walters has starred in several of Paul Thomas Anderson's films, including Hard Eight, Boogie Nights, Magnolia and The Master. She also appeared on such television shows, such as Roseanne, Seinfeld, NYPD Blue and CSI: Crime Scene Investigation. In 2003, Walters played Lila in Cold Mountain, and in 2004, played Andrea Treborn in The Butterfly Effect. She guest-starred as Sylvia Greene on Desperate Housewives in 2007, and played the role of Wanda Henrickson in the HBO drama Big Love from 2006 to 2010.