You can uninstall or removes an installed olvwm package itself from Ubuntu 14.04 LTS (Trusty Tahr) through the terminal,
$ sudo apt-get remove olvwm
If you would like to remove olvwm and it's dependent packages which are no longer needed from Ubuntu,
$ sudo apt-get remove --auto-remove olvwm
If you use with purge options to olvwm package all the configuration and dependent packages will be removed.
$ sudo apt-get purge olvwm
If you use purge options along with auto remove, will be removed everything regarding the package, It's really useful when you want to reinstall again.
$ sudo apt-get purge --auto-remove olvwm