NBC has signed an agreement with Arista Records to produce a sound track for the 1988 Summer Olympics. "The 1988 Summer Olympics Album: One Moment in Time," will feature Whitney Houston, Eric Carmen, the Bee Gees, Eric Clapton, and the Four Tops, and will be aired by NBC Sports as a backdrop during the coverage of the Olympics in Seoul, South Korea. The broadcast will reach 80 million to 90 million people daily for nearly three weeks once news coverage begins Sept 15. The album, which will be complimented by about 10 other artists, is set to be released Aug. 31. But NBC and Arista will be pocketing whatever profits the LP generates; the U. S. Olympic Committee won't see any of them, a committee spokesman said Wednesday.