Olympus sells the E510 remote cable release (RM-UC1) for $56.99. A remote can be yours for the price of the supplied video output cable, an hour of your time and a $2.99 switch from Radio Shack.
These instructions will help you create a remote cable release that supports single shots, continuous shooting and bulb shooting (for timed exposures). This remote does not support the "half" button press for auto-focusing and metering. You'll have to do that on camera.
I have created a new model that does support "half button" press. Check out the Olympus Evolt E510 Remote Cable Release (Version 2 with Auto Focus on Remote).
You will need a decent soldering iron with a pencil thin tip, and a basic level of soldering ability to complete this process. You will probably need a bit of patience as well.
Cameras are wonderful things. They are also expensive things. If you are even a small bit afraid that you might damage your shiny new camera, this Instructable is probably not for you. This procedure worked very well for me. As far as I can tell, there's no danger to the camera or the user, but I could be wildly wrong.
Perhaps this Instructable will work for you too. Perhaps it will cause your cat to burst into flames. Use these instructions with care and at your own risk. I assume no responsibility for damage to you, your camera or your cat.