What to do with old cooking oil.....

Yesterday, during the MLK holiday, I cleaned out my pantry. Most of it was reorganization and inventory. I came across a few bags of brown sugar that had hardened, and a few bottles of old cooking oil, so old they've turned rancid. (There was also a cardboard canister of hot cocoa mix that some bugs apparently burowed their way into, but that was tossed out the previous week.) I don't want to dump this stuff down the sink. Is there any environmentally good way to dispose of this oil?

[Updated 15:00] According to the Wikipedia entry on cooking oil, I can seal the bottle and throw it out in the trash. I also checked to see if the local waste district accepts used cooking oil for recycling, and they don't.