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OTA stands for O.ver T.he A.ir and yes, it does have to do with software. Sometimes when you have a smartphone, like a Thunderbolt, there are updates to your phone which consists of installing software via the OTA.

Here are some terminologies here:

http://androidforums.com/thunderbolt-all-things-root/353591-how-some-root-terminology.html

Please know that these terminologies aren't all applicable towards you as you may or may not be a person who wishes to toy with their phone. It does however, give a lot of information to terminologies that people use on occasion.

As to whether or not you're running the latest version of software you would go to: Menu>Settings>Software update>Check new

Also, on knowing if you are running the current software, if you go to: Menu>Settings>About phone>Software information, under the Software number, it should say: 1.70.605.0
 
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Very simply it stands for over the air and with an indoor antenna like the Leaf Antenna, you can tune into a free television signal, rather than having to connect to a cable box using coaxial cables. An OTA antenna is what people used to use back in the golden age of television, before there was anything like a coaxial cable, and when there were three or four channels at the most. OTA channels still very much exist and with the OTA update that was made when it became clear that HD was here to stay, you can now get HDTV antennas and watch those major channels with a crystal clear picture, without befooing tied down to a cable provider. If you want to learn more about Indoor Antennas and how to get major network channels for free in HD come find us at KilltheCableBill.

??? How this applies to a phone I'll never know...
 
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