I use light olive oil in cooking, and even ran across a delicious lemon tart recipe that used olive oil. It's also unequaled as a base for a vinaigrette. Since it is good for you, it's nice to know that olive oil is good for so many cooking uses.
I've also seen olive oil used in skin and hair products. I think I have a hair conditioner that uses olive oil, and is formulated for very dry hair.
Olives are ancient plants, and it's easy to see why they have retained their popularity as an all-purpose product.