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1.
To touch something with your penis in order to contaminate it for the future.
"Olla kudden då fy fan vad nasty!"

"What a motherfucker I'm gonna olla his toothbrush for sure"
by Joakim January 28, 2005
 
2.
Swedish slang meaning to touch something (e.g., a surface, family member, or coworker) with the tip of your penis. Bonus points for leaving a visible impression.

The female form is "snigla".
After my girlfriend broke up with me I proceeded to olla her toothbrush and all her groceries.
by Herr Deg September 30, 2011