The idea is to get with a friend or two and transform a room in the house (or other desired location) into the Olympic Village. Pin up sheets to give the feel of a giant tent. Put up Christmas tree lights around and set the mood.
Make a banner/backdrop for pictures. Paint the Olympic Rings and the official Olympic logo and host city. This is fun for your very own party pics.
This year the games are in Beijing, China http://en.beijing2008.cn/ and the theme is, "One World One Dream"
Make steamed rice, teriyaki chicken, stir fry some veggies or just order take out from your favorite chinese food place. Don't forget to get egg rolls, chopstix, and fortune cookies.
It's always fun to play a little game after dinner with the fortune cookies. Have everyone read their fortune out loud and add the phrase"in bed" to the end of each fortune.
After dinner or even before plan some time to do a little Olympic recreation. Some ideas for the Summer Games: Archery, Badminton, Beach Volleyball, Canoeing, Kayaking, Horseback Riding, Jumping on the Trampoline, Sailing, Shooting at a rifle range, Swimming, Ping Pong, Tennis, or make up your own silly game or relay.
Winter Games: Ice Skating, Skiing or Snowboarding.
End the date by watching the Olympics, an Olympic movie, or even a movie about the host country. Some great Olympic movies are:
Miracle (Winter), Running Brave (Summer), Chariots of Fire (Summer), The Cutting Edge (Winter)