I have moderate arthritis of the knee when under pressure or when walking the knee tends to bow outward.
1. What is this condition called?
2. Other than a total knee replacement is there a surgical procedure to correct this?

You don't mention your age. In youngsters, this can be a growth condition. But in adults it may be one of several problems. I really think a visit with an orthopedist would be your best bet. If you're very active, see a sports medicine specialist. Having had knee problems myself, I'm guessing it's a ligament issue and really needs to be addressed by a specialist before you blow that knee out so that it absolutely requires surgery.