You can also make the ŵ and ŷ from the US Extended Keyboard layout, via Option + 6, then w or y.
If by chance you are using WordX, you can't input these characters, because that app (along with Appleworks) can't do the required Unicode. Just about any other app should work fine, including Word2004, TextEdit, Nisus Writer Express, NeoOffice, OpenOffice, Abiword, Pages, TextWranger, etc.