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Rice Bran Oil is a healthy oil with uses in cooking, frying, as a salad dressing, baking, soap making.
Frying
Pure rice bran oil, exhibits excellent frying performance and contributes a pleasant flavor to the fried food.  These properties make it a premium choice for frying upscale products with delicate flavors. Most Japanese restaurants in the USA have now switched to Rice Bran Oil for their Tempura Frying Oil because of its superior performance in this special application. General frying applications, ranging from French fries to chicken, rice bran oil exhibits excellent taste and texture. Since hydrogenation isn't required for stability, it is a natural high-quality liquid frying oil that is also free of trans-fatty acids.
Stir-Frying
Rice Bran Oil is also a great choice for use in stir-frying. While its delicate, nut-like character complements the natural flavor of stir-fried meats, seafoods and vegetables, it never overpowers them. A further advantage is its natural resistance to smoking at high frying temperatures. Not surprisingly, rice bran oil has quickly become the oil of choice by many high-end Asian-American restaurants.
Salad Dressing
Rice Bran Oil has a light, barely perceptible flavor, making it wonderful to use with gourmet vinegars and spices. The oil emulsifies easily, so dressings don't separate.
Baking
Because of rice oil's light flavor, it has found favor in baking applications. Brownies and other baked goods made with rice oil turn out light and delicious. Baking sheets and cake pans coated with rice oil allow the baked goods to come out of the pan or off the cookie sheet with no trouble at all.
Soap Manufacturing
Rice Bran Oil has a long and successful history in Japan as a base for soaps and skin creams. The oil is purported to reverse the effect of aging by slowing the formation of facial wrinkles thanks to rice bran oil's rich concentration of Vitamin E and gamma-oryzanol. In Japan, women who use rice bran oil on their skin are known as 'rice bran beauties'. In the US, rice oil has gained a strong and loyal following with soap manufacturers and artisans.
Rice bran oil's smoke point is 490 degrees F, higher than even grapeseed oil (480 degrees) or peanut oil (320 - 450 degrees). This means that even in the hottest of situations, rice bran oil won't smoke or breakdown. Your foods will taste better, and they will be less likely to stick to the grill or griddle.
Pure rice bran oil has NO cholesterol and NO trans fatty acids. It is naturally low in saturated fat and is naturally free of trans fatty acids (TFA's

In the U.S. recent research has shown the benefit of such Vitamin-E group anti-oxidants as Tocopherol, Oryzanol and Tocotrienol. All three of these anti-oxidants are naturally occurring in Rice Bran Oil. 
The fatty acid composition of rice bran oil and peanut oil are similar and either oil works well at a high temperature, however, while peanut oil has an earthy flavor, rice bran oil is nutty, enhancing the flavor of fried foods. In addition, rice bran oil gives an ideal color and desirable texture to all types of fried foods.
Numerous studies show rice bran oil reduces the harmful cholesterol (LDL) without reducing good cholesterol (HDL). In those studies, Oryzanol is reported as the key element responsible for that function. Tocotrienol, on the other hand, is highlighted as the most precious and powerful vitamin E existing in nature and is said to have an anti-cancer effect, too.
 
For a long time, there has been a tradition in Japan that women rub rice bran in or put rice bran oil on their face to keep their skin smooth. These women, having smooth and shiny skin, are called "Nuka-Bijin" ("Bran Beauty" in English). It is a tradition and people don't know the real reason why rice bran or rice bran oil is effective in keeping skin smooth but it is thought that it relates to the functions of minor components of the Rice Bran Oil. The oryzanol, for example, can impede the progress of melanin pigmentation by restraining the eryhema activity of tyrosinase as it intercepts the ultraviolet rays at the skin's surface and hinders its (ultraviolet rays) transmission, and because of this, rice bran oil is used in sunscreen products and hair conditioners. Also, rice bran oil is used in lipsticks and finger nail polish since it holds the stick well and has a smooth spreadability.

Source:
http://www.oilseedssf.com/products/prod_rice.html
http://www.honestfoods.com/topgriloil.html