Bologna curtains with herpes.
Don't go near that chick, she has olive loaf
by 1422 January 24, 2008
Something that one think ones wants but that one ends up quietly regretting ever having considered in the first place.
This slang came from a couple of friends (who were roommates) of mine, one of whom decided during a trip to the supermarket that he just had to buy that enticing package of olive loaf from the meat department. The olive loaf sat in the fridge for weeks unopened before the other friend demanded that it be thrown out. At that point the name of the meat became synonymous with something that a person momentarily and mistakenly desires. It could be, for instance, used to describe a physically attractive but otherwise obnoxious or troubled person, as in "She's hot-looking but she's still olive loaf."
by The I Shing December 11, 2003