John Simpson, editor-in-chief of the OED was on Radio 4's Today programme last Thursday ahead of a debate that evening entitled Who cares about English? (you can listen to the snippet during the last four minutes of the programme on iPlayer till next Thursday - here).
The OED certainly cares about English but it does not police it or lay down rules, as language academies do. Instead it monitors the language, writes definitions based on all available evidence, constantly updates and edits entries that have been in the dictionary for decades, and adds new words.
Evan Davis of Today asked John Simpson how common a word had to be before it was called an English word and entered the OED. Simpson said that 30 years ago or so they had a rule that a word went into the dictionary if it appeared five times over five years. However, with the advent of the internet, where any spelling permutation gets thousands of hits, the old system no longer applies. These days, said Simpson, they look at a range of corpora and databases and talk to specialists about words. Lexicographers at the OED will have been monitoring any examples of new language used during the Olympics (Davis mentioned the use of 'medal' as a verb - although that is not a new usage and is already in the OED).