Coconut Oil is something I always have in the house. Not only can it be used for cooking, but it is a great beauty aid as well. The oil is ideal for high-heat cooking (up to 350 degrees), can be used in baking, and tastes great spread on bread, dolloped on vegetables, or poured over popcorn. Coconut oil has no cholesterol. It does however have saturated fat, but studies suggest that a healthy diet does not exclude any fat, but should have an appropriate balance of saturated, polysaturated, and monosaturated fats.
See these articles for more information and the many uses of the oil: The Many Benefits of Coconut Oil and Coconut Butter and Health Benefits of Coconut Oil.
Coconut oil is also a beauty aid. I LOVE it! It makes a great hair conditioning treatment and is excellent for the skin. Every so often, if no one is home (and I have some free time), I slather coconut oil all over my hair, leave it on for awhile, and then wash it out. Coconut oil does not need to be refrigerated and is solid at room temperature and melts at 76 degrees. The first time I put it on my hair I did not melt it first. In its solid form it is way too much for the hair. It took DAYS to fully get this stuff out. I recommend melting it first before you put it on your hair...and definitely not too much.
Coconut oil is also excellent for the skin. The solid or liquid form is fine. It smells nice and absorbs quickly.