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Here's another really super duper informative answer from 2 days ago. So glad they asked.

Maybe they should change their name to "we have no freaking idea dot com"?

How did the Oscar get its name? There are a few stories as to how the Academy Award statuette came to be called Oscar:
? Margaret Herrick, the librarian and executive director of the Academy of Motion Picture Arts and Sciences, said that the statuette reminded her of her Uncle Oscar.
? Bette Davis claimed she noted aloud the resemblance of Oscar's backside to that of her husband, Harmon Oscar Nelson.
? The first documented mention of the name was in 1934, when columnist Sidney Skolsky referred to Katharine Hepburn's first Best Actress Oscar. He says he was tired of writing "the Golden Statue of the Academy," and fell back on the name Oscar from an old vaudeville joke he had heard.
However it got its name, the movie industry's most famous trophy will be awarded tonight to this year's winners, as ABC-TV broadcasts the 82nd Academy Awards. Steve Martin and Alec Baldwin, co-stars of the romantic comedy It's Complicated, will co-host the show.