I doubt that, much cheaper to file a WIPO dispute and have the name turned over to them.
The misinformation that passes for fact or informed opinion around this neck of the woods is pretty astounding.
First off, in the US, terms including or associated with the Olympics have their own statutory protection apart from trademark law. It's one thing to have a trademark, it's quite another to have your
own law. Google "Ted Stevens Olympic and Amateur Sports Act".
San Francisco Arts & Athletics, Inc. v. United States Olympic Comm., 483 U.S. 522, 531-2 (1987), "The protection granted to the USOC's use of the Olympic words and symbols differs from the normal trademark protection in two respects: the USOC need not prove that a contested use is likely to cause confusion, and an unauthorized user of the word does not have available the normal statutory defenses."
There are some exceptions for uses established prior to the law (e.g. Olympic Paints is a fairly well known brand), and for uses within fifty miles of Olympia, Washington. Otherwise, the protection is broad and frequently enforced.
The largest domain lawsuit in the country was filed by the USOC against 1800 domain names:
http://www.sgbdc.com/in rem complaint.txt
They keep that action alive, and amend it from time to time in order to add more names in a rolling process. When you get their c&d, they point you at this page:
http://www.sgbdc.com/settlementprocedures.htm
so that you can hand over the name and get out of the suit.
It is much cheaper and more efficient than filing a zillion UDRP's.
