What does Oakley mean?
A surname and place name from Old English 'ac' (oak) + 'leah' (woodland clearing or meadow), so literally 'the oak clearing'. It names numerous English villages (in Bedfordshire, Hampshire, Kent and elsewhere) and only became common as a given name recently.
What does Navy mean?
A modern word-name from English 'navy' (a nation's fleet, and the deep blue color named after naval uniforms), ultimately from Latin 'navis', ship. It has no older history as a personal name; its appeal is the color and the nautical association.