OpenWatcom 1.4 has been released (12/13/2005), and includes an OS/2 installer.

http://www.openwatcom.org/

This is an open source release of the Watcom C, C++, and Fortran compilers. Michal Necasek has an article describing how to set it up.
http://pages.prodigy.net/michaln/os2/Watcom11c.html

You can find the latest release here.
http://downloads.openwatcom.org/ftp/

Source: OS/2 Warp News and Rumors

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