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From The Collaborative International Dictionary of English v.0.48:
Olympiad \O*lym"pi*ad\ ([-o]*l[i^]m"p[i^]*[a^]d), n. [L. olympias, -adis, Gr. 'olympia`s, 'olympia`dos, fr. 'O`lympos Olympus, a mountain in Macedonia: cf. F. olympiade.] 1. (Greek Antiq.) A period of four years, by which the ancient Greeks reckoned time, being the interval from one celebration of the Olympic games to another, beginning with the victory of Cor[oe]bus in the foot race, which took place in the year 776 b. c.; as, the era of the olympiads. [1913 Webster] 2. The quadrennial celebration of the modern Olympic games; as, the first Olympiad (1906). See Olympics. Syn: Olympic games, Olympics. [Webster 1913 Suppl.] Olympian