The film co-stars former boy bander Joey Fatone from 'N Sync and is scheduled to begin shooting April 1 in Atlantic City.
The movie's script reportedly has Olson playing Fatone's wife Cyndi who gets caught cheating on him with another woman in the nude and wearing a strap-on dildo.
Fellow porn star Danica Dillan also has a role in the "buddies on vacation" lampoon.
Former TV series Wonder Year's star Danica McKellar is also slated to be in the film.