Apart from the explanations given in previous answers i would like to add the following:
The usual description of the A,the U and the M in AUM is the following:
Veda Vyasa further explained that the Word ‘A’ meant Formation,
‘U’meant Protection and ‘M’ meant Demolition, reflecting the Three
Characteristics of Satvika Guna, Rajasika Guna and Tamasika Guna. Most
importantly, Veda Vyasa stated that the emphatic stress while
pronouncing the last word or the Half Word ‘M’ of ‘OM’ stood for Maha
Maya Bhagavati Herself. The speciality of the terminating half letter
‘M’was that it was not pronounced as a distinct and separate word,
signifying thereby that the Half Word was ‘Maya’ or ‘Maheswari’ which
had no Entity yet the ‘Most Distinctive’! [ ‘Vyakta Avyakta Swarupini’
or ‘Saguna-Nirguna Embodiment]
Source
Shiva shadakshara Stotram starts with the verse "Omkaram bindu samyuktam nityam dhayanti yoginah.."-Meaning-Shiva,Who is OM with the bindu & who is always meditated upon by Yogis..".
So, its natural to ask for a description of AUM related only to Shiva.
Linga Purana infact gives exactly such an explanation which corelates the various alphabets(including those of AUM) to different body parts of Shiva.
Maharshi Lomarshana, the disciple of Veda Vyasa, while addressing the
Sages at Naimisha Forest described that at the Maha Pralaya or the
termination of the Universe after the Maha Yuga, the Supreme Bhagavan
created Vishnu with the aid of Satwa Guna who was floating on Maha
Jala or the Unending Water Sheet and from his navel appeared a lotus
with Brahma as materialised with Rajo Guna seated thereon; the latter
questioned Vishnu about his antecedents and consequent on mutual
arguments about their Supremacy there was a fight; at that very time
there appeared a Colossal Agni Linga emitting enormous radiance and
heat..........
....As neither the Hamasa Rupa Brahma who flew up and up for thousand
years nor the Varaha Rupa Narayana who slided down as much time could
discover the bottom or the top and returned to the starting point by
another thousand years; both of them reached there totally fatigued.
Then there was a reverberating Sound of AUM:
Tadaa sama bhavattatra naadou vai Shabda lakshanah,
Omomiti Surasreshtthaah Samyuktah plutalakshanah/
Kimidam twiti samchitya mayaa tishthanmahaaswanam,
Lingasya Dakshiney bhaagey tadaapashyat Sanaatanam/
Adya varnamakaaram chouttareytath,
Makaaramadhya taschaiva naadaantam tasyachomiti/
Suryamandalavadrustwaa varnamaadyam tu Dakshiney,
Uttarey Paavaka prakhya mukaaram Purusharshabhah/
Sheetaamshu Mandalaprakhyam Makaaram madhyamam tathaa,
Tasyopari tadaapashyat- kshudra sphatikavat Prabhum/
Tureeyaatimamrutam Nishkalam Nirupaplavam,
Nirdwandam Kevalam Shunyam Bhaahyaantara varjitam/
Sa baahyaabhyantaram chaiva Sabaahya abhyantarasthitam,
Adi madhyantarahita maanandasyaapi kaaranam/
Maatraastistwardha maatram naadaakhyam Brahmasangnitam,
Rukyajurssaama Vedaa vai Maatraa rupena Maadhavah/
Vedashabde -bhya yevesham Vishwaatmaanamachintayat,
Tadaabhavadrushirveda Rusheh saaratam shubham/
Teynaiva Rishinaa Vishnurjnaatawaan Parameswaram/
( As the sound of AUM emerged from the right side of the Maha Linga,
there appeared Sanatana Bhagavan; from Him, the sound of ‘A kaara’
came, followed by ‘U Kaara’ and ‘Ma kaara’ and the sound in between
was the ‘Naada Swarupa’; the extraordinary radiance of Surya came from
the Northern direction as the pious form of U kara or of Pavaka;
Makara was of Chandra Mandala and above it was the Suddha Sphatika
Rupa or Pure Crystal Form representing Maha Deva in Tureeya Awastha or
the Prime and Pristine Form. This Form was Unique, devoid of Duality,
of Sunya or Nothingness; of Purity and Immunity and of no
beginning-middle- termiation. Indeed that was the Spring of Ananda or
Sheer Joy as also the synthesis of Tri Vedas represented by Tri Murtis
and the sure way leading to Maha Deva!)
> Maharshis who knew Vedas and the Omkara Swarupa of Maha Deva
analysed the Alphabets in Sanskrit and explained as follows: ‘A’
kaara’ constituted His broad forehead; ‘E’ kaara was the left Eye;
‘U’kaara his Southern Ear; ‘Aa’ kaara his left ear; ‘Ru’ kara his
right Kapola; ‘Ruukaara’ the left kapola; ‘lu lu’is the partition of
his nasal divisions; ‘ea’- kaaras his big lips; ‘oau’ kaara his teeth;
the consonants ‘Ka-kha-ga- gha-jnaa’ constituted his five right hands
while the consonants ‘cha-ccha- ja-jja-na’ were his left five hands;
other two sets of consonants viz. ‘ta-tha-da-dha-na’ and
‘pa-pha-ba-bha-ma’ were his right and left five feet respectively;
Shiva’s ‘udara’ or belly represented ‘paa’ kaara; ‘pha’ kara his right
side of his body; ‘Va’ kara his left side; the letter ‘Vaa’ and ‘bha’
kaaras represented his shoulders; the letter ‘Ma’ kaara his ‘Uridaya’
or heart; ‘Ya- ra-la-va-sa-sha’ represented Shiva’s body-dhatus; ‘ha’
kara represented His Atma and ‘Kha’ kaara denoted Shiva’s anger.