Prince Olaf of Norway is a prince of Norway.
Behind the Laughter
Currently there is no Prince Olaf of Norway; however, there have been five kings of Norway named Olaf, the latest of which, who the show may be referring to, spelled his name as "Olav". King Olav V was prince of Denmark from his birth in 1903, became Crown Prince Norway in 1905 and became king in 1957, a role he held until his death in 1991.
Prince Olav (né Alexander of Denmark) was born to Prince Carl of Denmark and Princess Maud of Wales in 1903 in Appleton House in the Sandringham Estate, he was a grandchild of King Frederick VIII of Denmark and King Edward VII of the United Kingdom. In 1905, his father was elected King of Norway under the name Haakon VII, he took the name Olav, he had an entirely Norwegian upbringing. In 1929, he married Princess Märtha of Sweden, who was the daughter of Prince Carl, Duke of Östergötland and Princess Ingeborg of Denmark and Iceland, they had 3 children: Princess Ragnhild, Princess Astrid and Harald V, who is the current King of Norway.