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1. The Olympic rings are supposed to represent the continents.
Why are there only five?
The Olympic Rings were created by Baron Pierre de Coubertin in 1913 and first displayed on the Olympic Flag in 1920. The Olympic symbol of five interlocked rings represents the five original continents (or the five continents that are represented in the games): AfricaAmerica (North & South)AsiaAustraliaEurope and the meeting of the athletes from throughout the world at the Olympic Games. The five colors of the rings blue, black and red (top) and yellow and green (bottom) were chosen since one of these colors can be found in the flag of each competing nation.

2. What city hosted the Olympics the first time women were allowed to compete?
Paris

3. Where did first olympics take place?
The first Olympics took place in 776 BC at Olympia in the Greek district of Elis, on the banks of the Pinios River on the Greek penninsula. It was some distance from the urban center of Athens and from other city-states, and most of the time was a sleepy backwater where nothing much happened.
This shows the location. http://www.gtp.gr/LocPage.asp?id=4347

The ancient Olympic games were a sacred festival, and all enmities between city-states were suspended for the duration of the games. A sacred truce held sway during the games.Initially the Games consisted of nothing more than a footrace, but gradually over time other events were added. The events were built around the kinds of things that men might have to do in war: javelin throws, discus, footrace, and the wrestling/fighting matches. At first the games were deemed to be the test of a warrior and there were no specialist athletes, but over time that changed.

Athletes began to specialize in events, to the point where the all-around athlete of the type haled as the ideal when the games first started was essentially pushed out of competition by the specialists. Athletic games were a part of Greek culture even before the Olympics began. Homer cites the funeral games held during the Trojan war, and even then the tradition of having games as part of a religious celebration wasn't new.

Games of various sorts were held all over the greater Greek territories by all men of Greek heritage. The Olympics were conceived as a pan-Greek religious festival where people came together to worship and compete.

4. Five people in a race - three people tie for first,
who gets gold, silver and bronze?
They all get gold, there is no silver or bronze awarded.