I find it curious that there exist two words spelt wind ("a breeze" vs. "to turn") and two words spelt wound ("an injury" vs. the past participle of wind), and that the words in each pair are unrelated in etymology and are pronounced differently. Did these different pronunciations come about to differentiate between the meanings?
The OED says of wound:
The original ŭ was normally lengthened before nd , but in the standard pronunciation has been prevented from developing into ou (as in bound , hound , ground , etc.) by the influence of the w (in contrast to wound , past tense of wind v.1). The pronunciation /waʊnd/ is however given by some dictionaries of the 18th century (Kenrick, 1733; Jones, 1798), is widely current in dialects, is implied in various forms of wounds int. and zounds int., and was common in the adverb woundy adj.1
How would the w prevent the /u/ from developing into /aʊ/, and why did it only affect one of the two wounds?