OAV stands for "Original Animated Video". Another term also used is OVA, which means "Original Video Animation". This is basically the same as a direct-to-video release, bypassing theatrical or television markets.
Found on http://www.animecritic.com/resources/glossary.html


stands for Original Animation Video or Original Video Animation. OAVs are usually a series of anime episodes made exclusively for home video release and not for TV or cinema. OAV's usually have longer and better episodes (since they don't have to worry about TV censorship) and better animation. An OAV could be based on an already existing anime TV ...
Found on http://www.encyclo.co.uk/local/21412
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