The Olympic track events made me think of Hebrews 12:1-3 (passage written out below ideas).

Make this Scripture come alive by:
Watching, Memorizing, and Acting – Your child(ren) might enjoy watching these kids act out Hebrews 12:1-2.  http://www.youtube.com/watch?v=O6Q24pyXlyw
Discussing – Refer to the first paragraph on this list to help you know how to introduce the passage and discuss it with your child.
http://www.articlesbase.com/childhood-education-articles/run-the-race-a-super-sunday-school-lesson-for-learning-hebrews-121-from-the-bible-3841128.html
Drawing – If you have a child who enjoys drawing, verse 1 would be an interesting one to illustrate after discussing the meaning.
Playing – Use the link above from “Discussing” and play the game idea.  Even though it’s written for a Sunday School lesson it can still be used with 1 or more children.  My family simplified the idea and just had the kids run through the house carrying ten pound weights and then running without them.  It was a great kinesthetic way to help make the point of the passage!
Listening/Singing – I can’t think about this passage without remembering a song I heard many times as a child.  One of my home church pastors wrote this and a friend from that same church has resurrected it with a recording.  The Runner’s Song, by John Kramp – recorded by Chris McNeill – http://www.tanglewoodcreekfamilyfarm.com/music-room.html  (Available soon on iTunes.)

I’ve listed the NIV version of Hebrews 12:1-3 first.  This would be a great family memory verse for the week.   And,  I’ve also included the extended version from The Message.  I love how The Message shakes up the wording.   For older children, verses 4-13 could be the basis for a rich conversation about discipline.   It can be related back to Olympic running and what athletes must do to train hard.

Hebrews 12: 1-3, NIV
Therefore, since we are surrounded by such a great cloud of witnesses, let us throw off everything that hinders and the sin that so easily entangles, and let us run with perseverance the race marked out for us. ² Let us fix our eyes on Jesus, the author and perfecter of our faith, who for the joy set before him endured the cross, scorning its shame, and sat down at the right hand of the throne of God. ³ Consider him who endured such opposition from sinful men, so that you will not grow weary   and lose heart.

Hebrews 12:1-13, The Message
Do you see what this means—all these pioneers who blazed the way, all these veterans cheering us on? It means we’d better get on with it. Strip down, start running—and never quit! No extra spiritual fat, no parasitic sins. Keep your eyes on Jesus, who both began and finished this race we’re in. Study how he did it. Because he never lost sight of where he was headed—that exhilarating finish in and with God—he could put up with anything along the way: Cross, shame, whatever. And now he’s there, in the place of honor, right alongside God. When you find yourselves flagging in your faith, go over that story again, item by item, that long litany of hostility he plowed through. That will shoot adrenaline into your souls!

^4-11In this all-out match against sin, others have suffered far worse than you, to say nothing of what Jesus went through—all that bloodshed! So don’t feel sorry for yourselves. Or have you forgotten how good parents treat children, and that God regards you as his children? My dear child, don’t shrug off God’s discipline, but don’t be crushed by it either.    It’s the child he loves that he disciplines;  the child he embraces, he also corrects. God is educating you; that’s why you must never drop out. He’s treating you as dear children. This trouble you’re in isn’t punishment; it’s training, the normal experience of children. Only irresponsible parents leave children to fend for themselves. Would you prefer an irresponsible God? We respect our own parents for training and not spoiling us, so why not embrace God’s training so we can truly live? While we were children, our parents did what seemed best to them. But God is doing what is best for us, training us to live God’s holy best. At the time, discipline isn’t much fun. It always feels like it’s going against the grain. Later, of course, it pays off handsomely, for it’s the well-trained who find themselves mature in their relationship with God.

^12-13So don’t sit around on your hands! No more dragging your feet! Clear the path for long-distance runners so no one will trip and fall, so no one will step in a hole and sprain an ankle. Help each other out. And run for it!

Don’t forget to exercise your faith in the Olympics of life!