The spectrum of incompressible waves and instabilities of two-dimensional plasma geometries with background flow is calculated. The equilibrium is solved numerically by the recently developed program FLow Equilibrium Solver (FLES). The spectra of the equilibria are computed by means of another new program, the INcompressible 2-dimensional FLow Eigenvalue Solver (IN2FLES). Magnetic instabilities and instabilities driven by the two-dimensionality and the flow are found. For linear equilibria, the eigenvalues for elliptical geometries remain close to the curves on which the eigenvalues for circular geometries lie. These curves may be found for unbounded domains by a calculation in Fourier space [see Lifschitz, A. In: Proceedings of 1995 International Workshop on Operator Theory and Applications (ed. R. Mennicken and C. Tretter), pp. 97–117, Birkhäuser, Boston, 1998]. Here the relation between a new continuous spectrum of unbounded domains and the discrete spectrum of bounded domains is investigated. Finally, it is found that the two-dimensionality and the background flow may lead to an overstable cluster-point.