I highly doubt we could handle the winter Olympics. There was a good discussion on the reasons why on national radio a few weeks back - mainly we do not have the infrastructure to support something like that, in the towns and on the mountains.
Formula 1 at Hampton Downs however, there is a possibility!!!
No there's not. It is only FIA level 2 certified, you need level 1 to host F1. World superbikes is probably the best we could hope for, MotoGP is probably even not possible.
Olympics, yeah right. I am pretty sure I remember reading it cost Vancouver $4 billion USD to setup the infrastructure and run the games. The government would have to pay for it too, thats more than 2 clyde dams!