I've heard that University's in Prague and Olomouc offer hostel accomodations during the summer. Does anyone have experience with staying at a University hostel in either Prague or Olomouc? Do they also offer single rooms? Thank you!

It's a pretty good option, yes. Some of the university campus accomodation is pretty good, but it's very basic of course. You'll probably have access to a communal kitchen and bathroom. It's a good way to meet people.
Here and here are websites for Prague, and this one is for Olomouc, the one for Olomouc doesn't seem to have an English translation though, but if you mail them they can probably help you.
edit: uuummm I don't know why those links show up that way...but they do seem to work.
2nd edit: and sorry for the typos, I'm bloody tired...