@John_Michael_Smith: I don't think the Olymics would be a Galaxy-wide thing. The specialized physiology means that various species would dominate particular sports. That's why football is so popular, because if you don't have all of the five (or six) races, there is no way you can win. 

Sure, you say that about the modern games, but is it really fair having Phelps in the swimming events?  That dude's like 6'3'' with 1'3'' long flipper legs.