[Welcome to my 8th guide, this time for Olaf, the Berserker. Olaf can be played many ways; as a full tank, an off-tank, or full DPS. This build is an off-tank verging on full DPS that focuses on increasing his already impressive lifesteal with
Vicious Strikes.
Abilities

Berzerker Rage - Passive: For each 1% of health missing, Olaf's attack speed is increased by 1%.
Very straightforward; the closer you are to dying, to more hurt you'll put on them!

Undertow - Olaf throws an axe to a target location, dealing 65/110/155/200/245 (+) magic damage to units it passes through and slowing them by 24/28/32/36/40% for 2.5 seconds.
If Olaf picks up the axe, the ability's cooldown is reduced by 6 seconds.
Cost
55/60/65/70/75 Mana
Range
1000
Your harrassing and chasing ability. Deals damage that scales with AD, so a couple points will do for early game. Don't forget to run over it so you can to have it available again!

Vicious Strikes- For 6 seconds, Olaf's attack damage is increased by (12/18/24/30/36 base damage plus 0.3/0.6/0.9/1.2/1.5% of his max health). While active, Olaf gains 9/12/15/18/21% lifesteal and spell vamp.
Cost
40/45/50/55/60 Mana
Range
700
Olaf's steroid ability, the extra damage scales with health, but it's nice even on it's own. Increases damage by about 81 at 18th level. The lifesteal is used early game to stay in your lane and continue to whittle your opponent's health down. Later, it gets added to your item's lifesteal to give you massive regen. Lifesteal is 81-91% total at 18th level (with Vicious Strikes).

Reckless Swing- Olaf deals 100/160/220/280/340 true damage to his target and inflicts 40/64/88/112/136 true damage to himself.
Cost
50/50/50/50/50 Mana
Range
325
This thing takes chunks out of enemies' health bars like nobody's buisness. If you didn't already know, this is True Damage, here. It ignores all resistances, dealing thatmuch damage no matter who it is. As for the self-damage? Well, your passive could always use a little help.

Ragnarok- Active: For 5/6.5/8 seconds, Olaf is immune to disables and reduces incoming damage by 25/45/65.
Passive: Olaf has 10/20/30 increased armor penetration.
Cost
100/75/50 Mana
Range
400
Olaf's ultimate is another steroid (who'd have thought he was such a 'roid rager?) that severely increases your chances of surviving combat. Reduced damage and disable immunity means you are free to choose whomever you want to destroy! The passive ArP, coupled with ArP Marks, means you will ignore a whopping 67 armor on everybody, which is fairly admirable considering you only get ArP from one item.
Summoner Spells
Ghost is handy for getting around, while Ignite gets you early kills and can disable health regeners. Speaking of which, Ignite can be a bad thing for you, so keep an eye out for who has it and steer clear of them unless you know you can kill them.
Runes
9x Greater Mark of Desolation
9x
Greater Seal of Evasion
9x
Greater Glyph of Scaling Cooldown Reduction
3x
Greater Quintessence of Health
These are the runes I own, and they happen to work great. Glyphs could be replaced with flat Magic Resist or flat CDR. Quints could be replaced with ArP, if you so choose.
Core Items
OR
Starting items:
Due to the recent price reduction of
Regrowth Pendant, you can now purchase a Mana or Health potion with it at start! I choose mana because he can get pretty low spamming
Undertow. After that is
Ninja Tabi for movement speed, dodge and armor. Helps keep you alive and gives you an edge over other DPSers. Next item is a
Frozen Mallet. Massive health boost, a little damage and a very reliable slow. What more could you ask for? After that, a
Zeke's Herald really benefits your entire team and has many great qualities that Olaf enjoys, like lifesteal and ArP.
The Bloodthirster will give you a huge bonus to AD and lifesteal. Here we want to turn that old
Regrowth Pendant into something a bit more useful. I like Force of Nature for its movement speed and Magic Resist, but Warmog's would be a nice alternative for more health and decent regen. Your final item is another
The Bloodthirster.
That's about it for now, folks. I'll have a playstyle section soon, so check back later if you want. Good luck and have fun!