Coconut oil is uniquely different from most other dietary oils and for this reason, has found use in a multitude of applications in food, medicine, and industry. What makes coconut oil different from most other dietary oils is the basic building blocks or fatty acids making up the oil.
Coconut oil is very heat stable so it makes an excellent cooking and frying oil. It has a smoke point of about 360°F (180°C). Because of its stability it is slow to oxidize and thus resistant to rancidity, lasting up to two years due to high saturated fat content.
Very detailed and excellent information about it – here: http://www.westonaprice.org/knowyourfats/coconut_oil.html