And in the hockey, the NHL actually shuts down during the Olympics. But I'm almost positive that once a boxer goes pro, he can no longer compete as an amateur. Even if MMA becomes a sport and pros can compete, do you think that Dana White would allow UFC fighters to compete?

I guarantee that the rules get modified:
1. They'd add headgear
2. Strikes of all kinds to the head on the ground would probably be outlawed
3. Elbows would probably be outlawed (on account of cuts, actually a good idea)
4. Shin guards (like Pancrase had) would prbably be introduced
5. The round structure would be changed (look at StrikeForce's one night tournaments)

And that's not even touching on the scoring. MMA judging is too subjective, like pro boxing (only worse), a concrete point system would have to be implemented, like amateur boxing. And I've never seen a good point based system that people like. How do you weight grappling vs striking? How do you score a takedown vs a throw vs a trip vs a slam vs a guard pull? And what about when a jiu-jicion pulls guard as hrs being taken down? What about Werdum's knockdown/butt flop that Fedor jumped into? Or a butt flop in general?

And that's just what dumbass redneck in Bakersfield could think of off the top of his head. It's almost more trouble than its worth.

MMA is still very young (less than 22 years as an organized, international sport [using Shooto as a start in 1989]), it needs to grow into it's finished product before we can really think about the Olympics. As it stands now, there's too many variants of MMA rules worldwide to set up an international amateur competition. Hell, pros even struggle with rule changes from promotion to promotion.

I guess what I'm rambling about is this: MMA in the Olympics is a long, long way off, it ever even returns (pankration was a Greek funeral game as far back as 1200 B.C., and the first statue of an Olympic pankration champion was erected in 536 B.C.)