Files with DWG extension represent proprietary binary files used for containing 2D and 3D design data. Like DXF, which are ASCII files, DWG represents the binary file format for CAD (Computer Aided Design) drawings. It contains a vector image and metadata for the representation of the contents of CAD files.
ODT files are type of documents created with word processing applications that are based on OpenDocument Text File format. These are created with word processor applications such as free OpenOffice Writer and can hold content such as text, images, objects and styles. The ODT file is to Writer word processor what the DOCX is to Microsoft Word. Several applications including Google Docs and Google's web-based word processor included with Google Drive can open the ODT files for editing.
You can also convert DWG into many other file formats. Please see the complete list below.