OMAP stands for Open Multimedia Applications Platform. The document discusses the OMAP5912 processor, which has an ARM and DSP integrated into a single chip. It provides requirements and steps for setting up a development environment for the OMAP5912, including using a bootloader, compiling a kernel, and creating a root filesystem. The root filesystem is then used to port applications to the OMAP5912 either temporarily via mounting or permanently by fusing to flash memory.