What is OTF?
OpenType, which extends TrueType with cubic curves and the typographic machinery that makes real typesetting possible - ligatures, alternates, small caps, proper kerning. Where a typeface has ambitions, it usually ships as OTF.
What is WOFF?
Not a typeface format but a wrapper: a TrueType or OpenType font compressed for the web, typically 40% smaller, and what @font-face expects. The outlines inside are untouched, so unwrapping one gives back exactly the font that went in.