The 2008 Summer Olympics will be held in Beijing, China from August 8, 2008 through August 24, 2008, with the opening ceremony to take place at 08:08pm and 08 seconds. (The number 8 is associated with prosperity in Chinese culture.) From badminton to basketball, the games kick off when the Olympic Torch Relay that begins several months before opening ceremonies makes it's way into the stadium to ignite the flame.
According to the BBC, before the flame gets to Beijing, it will actually go to the summit of Mount Everst. Twice. There will reportedly be a televised rehearsal in 2007 before the actual torch relay in 2008. The full schedule of the torch relay, which must be approved by the International Olympic Committee, has not yet been released.
"The torch will be designed in order to burn at such a high altitude," said Beijing Olympics official Liu Jingmin.