You can implement it in wordpress by creating custom post types
and creating one post per product.
In your above stated example :
http://webapp.com/product/pummy
Custom Post Type will be product and pummy will be slug of custom post.
You can use above url structure by changing wordpress Permalink Settings to Post name.
You can handle this product page by creating single-product.php file in your theme. for more information about this file , see this page.
In this file just call built in functions of wordpress to display data of that particular product and wordpress will manage querying database and retrieving data for you.
Example functions : the_title(); the_content(); the_excerpt();