olann is the Irish for "wool"
ólannis the present tense form of the verb ól
For the 1st person singular, the pronoun combines with the verb to give ólaim
olam isn't a word in Irish.
That would mean "I drank" but ólaim means "I drink"
However in different tenses irish words need added letters (I call them mutations) eg. You wouldnt say Ól mé ever because it is just not following the rule, instead you would say D'ól mé
It takes long to learn and you shouldn't worry about it much until later, you get the hang of it