Thought I'd give a run down of how I wired up a Olympus ME-52W Noise Canceling Microphone to pick up audio for a IP camera, as it was a little different than what I read elsewhere.
Camera Details:
Model DS-2CD2732F-IS
Firmware Version V5.1.6 build 140412
Encoding Version V5.0 build 140411
Audio Tab:
Audio Encoding G.711ulaw
Audio Input MicIn
Input Volume 100
Environmental Noise Filter OFF
Video Tab:
Video Type to "Video&Audio"
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To physically wire it up, I first snipped the male plug off the 3 ft microphone wire extension that came with the microphone.
Then, I wired the red wire to the "Audio In", and the green wire to the "Audio In Ground" slots as pictured below. Make sure to trim the insulating, jacket wire back so it doesn't come in contact with the mic wires!
A reboot after it was all set up, and I must say I'm pretty satisfied with the audio.