To contemplate one's navel for cosmic significance
Solution 1:
Sounds like navel-gazing to me.
–noun Slang.
excessive absorption in self-analysis or focus on a single issue.
Edit: Starting with an 'O', I'll go with omphaloskepsis. It's the fancy Greek term for navel-gazing :).
–noun
contemplation of one's navel as part of a mystical exercise.