Generally no, but because olive oil has a lower "smoking" temp than vegetable oil, I don't think it's recommended for deep frying.
WTF do you mean, no? HELL YES deep frying is unhealthy- shallow frying is unhealthy. Olive Oil is considered a health food, yes, but that's in reasonable amounts. If you deep fry anything, you're radically altering its profile towards fat.
well, if you must deep fry, it's far better for you than vegetable or corn oil. I made potatoe chips in it last week, and they were damn tastey. FYI, olive oil has a reasonable smoking temperature, but virgin and extravirgin (TWO hymens) have low smoking temperatures and are therefore NOT suitable for cooking.
here's a link I found with the aid of google http://www.hormel.com/templates/knowledge/knowledge.asp?catitemid=40&id=188
Kingmonkey, I have to ask- on behalf of the forum- do you know whose ass that is in your avatar? Beautiful.