I use it for all sorts of stuff. I'll put a little on "boo boo's" before I put the band aid on so that it doesn't rip the scab when taken off. I use it on anything that doesn't move well like sliding doors, bike chains, door hinges, etc. I'll dab a little around my hair line before I color my hair so that my skin doesn't color. It's a nice moisturizer, in a pinch if you don't have a massive stock pile of regular lotion.
I'm sure there are other things I use it for that I'm forgetting. Thankfully my kids have no idea the true use of this stuff.