Olaf is a level 40 elite dwarf located in the Dig Two section of Uldaman. Horde characters can kill him for loot.
Baelog, Eric "The Swift" and Olaf are a reference to The Lost Vikings.
See Uldaman NPCs.
This section concerns content exclusive to Cataclysm.
In World of Warcraft: Cataclysm Olaf and his companions will leave Uldaman and reside in the Alliance encampment in the Badlands called the Dragon's Mouth.
Olaf's shield is his main tool in The lost Vikings and he can use it to slowly fall down steep areas, the shield he drops is a reference to this.