I emailed the people who made OÏO
to see what "oïo" actually means. I asked if it was a name, or if it had specific meaning, and here's what they said (all quirky spellings sic):
OÏO doesn't mean anything. It is a created word... I was looking for something short, without consonne, easy to prononce in most of the languages of the world. Graphicly interested and sensual! : OÏO!
That's from Simon Goulet, the artist who made the film possible. Excellent. I am totally "graphicly interested."