idk about taking shots of oil, but if you really feel the need, go for it..
with that being said, i use virgin coconut oil for all kinds of stuff...i add it to my green drink things, use it as a moisturizer, use it in my hair, use it for cooking
i guess the MCTs (apparently a big deal), lauric acid, etc are what make it good for all sorts of stuff (metabolized differently than most fats, serves as anti-fungal/anti-bacterial/anti-virus, anti-oxidant properties, etc)