way out vs outlet

way out and outlet both are nouns.

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

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

Other synonyms of way out include exit, issue.

way out (noun)	outlet (noun)
an opening that permits escape or release	activity that frees or expresses creative energy or emotion
	an opening that permits escape or release
	a place of business for retailing goods
	receptacle providing a place in a wiring system where current can be taken to run electrical devices