Yes, extra virgin olive oil is good for cooking. The olive juice combines perfectly with a larga number of foods: white and oily fish, red meat, poultry, vegetables, pastas, cheeses, desserts and even cocktails! And the best oil for frying is virgin and extra virgin olive oil, rich in antioxidant compounds such a polyphenols. Frequently adding new virgin olive oil to that used for frying is recommendable and ensures a lower thermo-oxidative alteration, which allows the oil to be used for frying a greater number of times. 

Always cook with extra virgin olive oil, but use a reasonable priced one. Reserve your expensive EVVOs to use raw, as much for dressings as for adding a final touch to each dish.