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2.
The act of getting dimed out by a co-worker or someone you thought was cool.
Hey it wasnt me that tossed your rack, It was Jacobsen! Ha I just olsoned jacobsen.
by Andy Blacke April 24, 2008
 
1.
To be up a creek without a paddle. To have the whole world in the palm of your hand and then blow it. (A figure of speech)
I'd rather get Olsoned out here in the middle of nowhere then lose face in front of my friends and family.
by OlsonForPres2012 February 18, 2010