way out vs exit

way out and exit both are nouns.

Word	Noun	Adjective	Verb	Adverb
way out	Yes	No	No	No
exit	Yes	No	Yes	No

As nouns, way out and exit are synonyms defined as:

Other synonyms of way out include issue, outlet.

way out (noun)	exit (noun)
an opening that permits escape or release	the act of going out
	an opening that permits escape or release
	euphemistic expressions for death

way out (verb)	exit (verb)
	pass from physical life and lose all bodily attributes and functions necessary to sustain life
	lose the lead
	move out of or depart from