Would a super eruption of Olympus Monds explain the death of Mars?

Yeah. This can happen but mount olympus is as old like mars and still some elements useful for life are still on mars.

I think it is a good question,

Astronomers must study about the olympus.

Please refer to this site:

http://en.wikipedia.org/wiki/olympus_mons

Not likely, since if this had been the case, there would still be an atmosphere on Mars, cold and sulfuric though it might be.

More likely, Mars never achieved life (not as far as we know yet, at least) because it is too small to retain a significant atmosphere, and has no magnetic field to deflect the deadly bath of cosmic rays and solar wind from the sun.