Erm... ok? :lol:
No seriously. What did you cook in it before? Pick something which would benefit from that added flavor.
If it still smells and tastes fine, there's no harm in straining the oil (coffee filter or fine mesh strainer) and storing it capped in your fridge for another use. Unless we're talking oil with a low smoke point like olive oil or specialty nut oils, since they break down or go rancid a lot quicker.
Still, it really depends on the previous use, both the method and the food itself.