Statutory Warning: DO NOT GO WITH YOUR FAMILY. GETS SO ABUSIVE THAT YOU MIGHT RUN OUT OF THE THEATER OR BURY YOURSELF.
To start with the name of the movie, its misleading. The shootout at a college in Wadala is just a 15 minute sequence (climax). Entire movie revolves around one person – Manya Surve. His story of how he got sucked into underworld (or he decided to, because of one incident), how he managed to evade police and make an underworld gang out of all the convicts who ran out of a prison along with him. This is based on true stories in the 70’s. Most of the sequences can be read in the book Dongri to Dubai. I have read this book and I can tell you that the book is much more entertaining than the movie, trust me.
Everything boils down to the pathetic use of gaalis and language. Things could not 
have gone worse, but it did. There have been multiple underworld based movies which have been a superhit, like with no abuse at all Satya was a fine movie that has become a classic and worth a watch, a million times over. But trying too hard makes a movie suck at it. With 3 so called item songs, Shootout at Wadala is just the victim of that desperation.
Anil Kapoor, Manoj Bajpai, Sonu Sood, Ronit Roy have all acted very well. Aur kyun na ho, they are incredible actors! Even Tusshar Kapoor for that matter, is good in this movie!
Music of this movie is a total loser.
Go for this movie with clear expectations – of full raw masala, intense drama, low grade abusive language and gross blood. With all scenes censored I wonder what will TV channels show!