I think you should try to emphasize that figure skating has something for everyone.
Since you want to talk about the Olympics, I would tie it into the London games as best you can to build on that excitement. The US women's gymnastics team is really popular, so you could show some examples of explosive jumpers and point out how there are a lot of young up and coming females who want to peak in Sochi like the Fab 5 did. Or you could point out how Plushenko is like the Phelps of skating.
Some people won't care about the athletic side at all, so you could then show a clip like this to win over people who enjoy Dancing with the Stars and that type of thing. Or some clips of romantic couples like G&G and briefly explain how figure skating is unlike any other sport because the skaters can bring their personal lives into the performance (like Katia's tribute to Sergei or Joannie's mother's death).
And then you could admit that sometimes it gets over the top, and ridiculous, but as someone pointed out, that's fun too. Even when skating is bad, it can be entertaining for different reasons. That would be the place to show some crazy costumes and falls.
And if you can, include Surya's backflip from Nagano, because people freaking love that and most non-skating fans remember it.