Scuderia is Italian for stable or team, and O2 means Oxygen. So Scuderia O2 means TEAM OXYGEN.
English pronunciation of Scuderia O2 is scoo-DARE-ia oh-two. The Italian pronunciation is scoo-DA-Ria oh-two.
Scuderia was made popular by Ferrari who calls their Formula 1 Racing Team, Scuderia Ferrari Marlboro. And the new 2008 Ferrari 430 Scuderia.