The host made cute paper olympic torches with colored tissue paper stuffed inside white paper.
I made Olympic ring headbands for the girls (foam circles hot glued to eachother and then onto a headband) and olympic visors for the boys.
You can decorate with paper fan olympic rings.
I made an olympic fruit platter with watermelon stars (courtesy of my star cookie cutter), pineapple rings, and blueberries.