To Soften Chapped Lips: Rub on anti-inflammatory, antioxidant, and moisturizing olive oil two or three times a day to soothe, soften, and lubricate.

Your lips will feel immediately better, but it will take a few days before they start to heal on their own. Preliminary research on mice shows that applying extra virgin olive oil to skin after sunbathing may prevent skin cancer.

Expert: Laurie Steelsmith, ND

FYI - My husband drinks olive oil to help his cholesterol levels, and he said it has made his skin very soft and never dry anymore.  If I can get myself to do it, I will do the same.  I would bet this effect would have some anti-aging abilities as well!