HI Elitent.

Im not sure if you want Å to be converted to Aa or if you want å to not be converted, but maybe this can point you to your solution:

When you add urlReplacing, all your URL:s doesn´t automagically update (becouse that would be super scary), instead you need to manually Save&Publish for the new Url to be generated for your node.

I've added this urlReplacing in my umbraco.config:

 <urlReplacing removeDoubleDashes="false" toAscii="false">
      <char org="Å">Aa</char>
      <char org="å">aa</char>
      <char org="Ä">ae</char>
      <char org="ä">ae</char>
      <char org="Ö">Oe</char>
      <char org="ö">oe</char>
    </urlReplacing>

Then, I've created a node called "Årets näst störste gevinst vundet på danskespildk" (i know not exactly what you typed but I wanted to test ÅÄÖ). With the above urlReplacing I get this url (after I Saved and Published):

/aarets-naest-stoerste-gevinst-vundet-paa-danskespildk/

If you´d want to keep all your ÅÄÖ, add this:

<urlReplacing removeDoubleDashes="false" toAscii="false">
      <char org="Å">Å</char>
      <char org="å">å</char>
      <char org="Ä">Ä</char>
      <char org="ä">ä</char>
      <char org="Ö">Ö</char>
      <char org="ö">ö</char>
    </urlReplacing>

And the URL will be:

/årets-näst-störste-gevinst-vundet-på-danskespildk/

But remember, Save&Publish is key here!

I´ve used Umbraco 7.5.12 for this example.

Best of luck to you, have a great day!

EDIT:

Obviously, the following also works with:

<urlReplacing removeDoubleDashes="false" toAscii="false">
      <char org="Æ">ae</char>
      <char org="æ">ae</char>
    </urlReplacing>

Or the other way around, If you dont want to replace them.