I think this name is unusable because of its most famous bearer: he was a cruel man who profited off the fact that the last emperor of Rome was just a child, so he killed him and took the power. I have also read in a novel by Valerio Massimo Manfredi that Odovacar had imprisoned Romulus Augustulus and his mother before killing them. That’s too evil.
Remember that in ancient Latin v was pronounced like w, which would give the pronunciation "O-do-WAH-cahr." It's easy to see why it is dropped in the variant "Odoacer" (and others). (Also, c was always hard in Latin (as in car, not as in city), even before e or i, where it eventually became fronted in different ways in the Romance languages.)
Recorded in the Saxon period in England as Eadwaćer and Edwaćer, and also as an occupation Ead-wacer (watchman, security-guard). The two elements are Ead-, (inherited) property, implicitly fortune, happiness, status, nobility; and waćer (with ć as as in ćealc, chalk) a variant of wacor, vigilant, watchful, alert.
I just saw this name pop up because of the Name of the Day thing. This name looks cool, but when I say it out loud it sounds like "auto maker". Or similar to, not exactly, obviously.