When I was eight or nine I had an Olympic Party. When the guests arrived they picked a country to represent and made a flag on paper which we put on dowel rods and had a parade. WE got right into the games. They included biggest bubble gum bubble, 50 yard dash, carry the egg in the spoon race, bouncing a bouncy ball the highest, and so on. We made metals out of lids and ribbons.  For cake we made a plain cake with white frosting and painted the Olympic rings on it.  As party favors we gave bubbles, American flags, and other Olympic related stuff.  It was a blast. Everyone had fun.