I'm competing in the Olympics! Well, if knitting truly counts as a sport (I think it should - you try doing miles of stockinette - it's an endurance sport!) It's the Ravelympics on Ravelry.com
Basically you choose what you would like to knit. It's something that should be a challenge for you to finish during the span of the Olympic Games. I'm competing in Work In Progress Wrestling (trying to finish up at least the pinwheel sweater and maybe another oldie but goodie that's hanging out there) and I'm also lobbying the Ravelympic Committee to allow Whitewater Shrugging. I've got a great shrug that I'm planning on knitting out of my stash. Mostly anyway, I may have to dip into emergency yarn funds at the very end if I don't have enough yarn to finish it.
To compete you must belong to a team. I'm on Team Yarn Harbor - a local yarn store that I sometimes frequent. Wish me luck and perhaps send moral support my way during the Olympics, I may have bitten off more than I can knit.