Olive oil's smoke point is highly dependent on the variety. Refined olive oil is just as useful for high-heat frying as just about any other. Extra virgin, on the other hand, is not something you want to cook with.

In Turkey we have a variety known as "naturel sizma", which is what comes off the olives before pressing even begins. In contrast to other olive oil varieties, it's appearance is cloudy, and you can barely warm it before it starts smoking.