I use coconut oil for lots of things, as other posters have stated: hair, skin, oil pulling, cooking, etc.
A few ideas:
Get extra virgin oil.
Read up about the different kinds, such as wet milled, expeller pressed, hydrogenated, etc., to decide which is best for you and what is the best quality for your budget. I have seen a few good articles, but not sure if I can post a link here. I don't want to get in trouble for advertising something.
I want to add that some kinds have little tiny bits of coconut in them; these are not particularly good for frying, as the bits will burn. I have bought that kind, heated it to melting, then strained the bits out and put it into a jar. This way, I didn't have to have bits of coconut on my skin and in my hair. If you're just eating it by the teaspoonful, or adding it to a shake, some baking, or a salad, you don't have to care about the bits.