I don't use an Olympus so I can only generalise, but you'll probably need to install the Olympus software on your PC. A RAW image is nonsense to your computer unless it is supplied with the Olympus RAW codec (a bit like someone talking to me in French, waste of time! Teach me the language and all becomes clear, lol).
As for Lightroom, have you got the latest version installed (2.6 I believe)? If its a very new camera it may not be supported yet. Maybe even try out the beta version of Lightroom 3 if its still available
Canon EOS 50D/EF-S 18-55mm IS/EF-S 55250mm IS/EF 50mm F1.8 II /Lowepro AW Slingshot 200/ Digital Ixus 860 IS
PC>Q6700/MSI P45 Zilent/6GB 800mhz DDR2/2x 4870 1GB/Samsung Spinpoint F1 500GB/Maxtor 200GB+80GB