If you use it everyday for an extended period of time, it's going to do more damage than good. It will dry out your hair, strip it of natural oils and cause breakage. Using it once in a while can be beneficial, though.
Cooking oil is not good for the skin and may cause a breakout. Coconut oil works well in this case because it easily moisturizes the face and has molecules small...
It would be a good idea to put baby oil on during the morning, because it keeps your skin soft, smooth, hydrated and supple for hours, sometimes even days after...