Ravelympics is Ravelry taking part in the Olympics, July 27 - August 12. The Olympic Committee has nothing to do with it, but don't tell the Ravelry people; they're absolutely going bonkers over the Olympics.
The last time I did the Knitting Olympics was when they had the Winter Olympics of 2010, about two months before my stroke, when I spun the yarn for a pair of socks on my spindle and knit the socks, all over the span of the Olympics. I wore my socks to the Spa. That was Stephanie Pearl-McFee's Knitting Olympics. It was really fun and I had a great time doing it. It was the most fun I'd had knitting in a long time.
Used to be, the Winter Olympics were the only ones that registered with me. The Summer Olympics were in the middle of Tourist Season, and the store was too busy for me to focus on anything else. But now, I can focus on the 2012 Summer Olympics!
Ravelry has tons of information. Tons. Just go to the Ravelympics 2012 group and see. You'll find everything you need. Just remember the One Rule to Rule Them All: Challenge Yourself and Have Fun! (Which is basically two rules.)
I'm on Team Sockaholics, which hosts the Village Pub, a very nice place to knit. They have daily drink specials during the games. They also have a team Ravelympic Logo:
What events am I going to join? Hmmmm. Challenge yourself and have fun. I can only think of one challenge that I need to face: my October Frost cardigan (Lisa Lloyd, A Fine Fleece), which fits the bill for WIP Wrestling. It's been lying untouched since before May 2012 (February 2011, to be exact), and it's a challenge for me. I may not finish it during the Olympics, but I can make a dent in it, and maybe keep on going. Since I started it, I've done more cabling, and whole-sweater knitting, so I think it's time. I am warming up my sticks, getting ready.
Are you in the Ravelympics?