Some women are actually able to feel the pain in their ovaries associated with the release of an egg. The medical term for this is called Mittelschmerz.
It is generally associated with a sharp pain followed by a dull ache for a number of days. In most women that are able to feel ovulation, this occurs 14 to 16 days from the START of their last period.
The pain of ovulation, or the release of an unferilized egg can occur every month from the same side (same ovary) or alternate each month from side to side (from opposite sided ovaries each month).