The only real sport is women's beach volleyball.
Or gymnastics if they'd actually let actual adult women compete instead of little girls. 8)
Failing that, the only real sport is actual, gladiatoral combat.
Everything else is just some pansy substitute.
Baseball would be a lot more interesting if they let everyone have a bat to use in the manner the players see fit. Baseball needs more help than anything else. Three and four hour matches be damned. Maybe a machine-gun nest at second base or something.
Golf, with all that wasted, wide-open space, seems like it could be much improved with a starving tiger or two, some exploding balls, or perhaps land mines.
Aussie Football, from what I've seen, is on the right track. I'd lose the ball and proceed directly to the ass-kicking portion of the match.
Hockey, too, is a good idea ruined by protective gear and the presence of a puck.
Soccer, well, I'd say watch the hooligans. That or teach everone Savate or something.
Auto-racing? Well, it's hard to call that a sport. Two ideas: Have half the cars start the racing facing the other direction, or, well, did anyone ever play the old pen and paper game "Car Wars"?
Tennis, Badminton and Raquetball can all be made better through the use of true hazards along the out-of-bounds areas. Think of how much more interesting a Venus/Serena Williams match-up would be with the introduction of a yawning chasm.
Weightlifting: Instead of having the lift pick up the weight off the ground, drop it from some set height. The guy who catches it and remains standing longest wins.
I can improve any sport. Just name it.