YΦXΨΩ were the letters added by the ancient greeks to the early northsemitic (phoenician) alphabet.
SHAPE: Very few
cities of the
Western-Eastern greek alphabet groups used omega: usually it was a variation of the
O omikron. Either with a dot in the middle of it, or with a gap at its bottom.
Omega transformations:
SOUND: Just like the pair
E [e] and
H [ε:] covered both short and long /e/, the greeks wished to give a 'brother' to
O [o] as its long /o/ twin. They created Ω for [o
:]. This pronunciation lasted till
hellenistic times. Afterwards, (till today) they were both pronounced [o].
It should be noted the oooold pronunciation of omega as close to [u] survives even today in some words:
anc.gre: σάπων [`sapo:n] = eng:soap
mod.gre: σαπoύνι [sa`puni]
In some villages, peasants pronounce the omega distinctly:
e.g. the 'correct' pronunciation for gre: πάνω = eng:up is [`pano], but they pronounce it [`panu]... as it might be pronounced some millennia ago.
NAME: ETYMOLOGY/SPELLING: (in polytonic script) Ancient name:
«
» . In the middle times the two /o/s were distinguished as
«
μέγα» [o] [ `meγa]

= O great, big to contrast it to
«
μικρόν» [o] [mi`kron]

=
O small.
Hence the name:
«
μέγα» [o`meγa]
and [`omikron]
.
COMBINATIONS: Check the long
diphthong ΩI and mediaeval ΩI 
.
MORE GREEK WORDS STARTING WITH OMEGA
•polytonic ὥρα = monotonic ώρα = eng:hour = fre:heur