Somebody knows:
What does Odoo mean ?
If it's not an abbreviation, what does Odoo stand for ?
It doesn't mean anything, but you can say that it is an acronym: On Demand Open Object. It's just a new name for OpenERP that they didn't like.
For reference: odoo.com
It's just the name they chose because odoo provides more than OpenErp, like website modules.