I wondered what the current Olympic medal ranking would look like, if adjusted to take into account the number of people in each country...and so I did this...!
https://docs.google.com/spreadsheet/ccc?key=0Aq-ys2685NiUdHJVRnBqeGcyU0VyRWlCaE5yZjg4T2c
It's based on the the medal table as it was around 09:30 Saturday, so will not be fully up-to-date for long.
Population figures taken from Google searches ("Population of xxxx")
https://docs.google.com/spreadsheet/ccc?key=0Aq-ys2685NiUdHJVRnBqeGcyU0VyRWlCaE5yZjg4T2c
It's based on the the medal table as it was around 09:30 Saturday, so will not be fully up-to-date for long.
Population figures taken from Google searches ("Population of xxxx")

The table is ranked first by gold medals, if gold is tied ranked by silver, if those are tied then by bronze, if those are tied then the country is tied.
(I hope!)