I don't know about you, but I love infused oils in cooking. My mom brought back an amazing one from Spain that tasted like oranges, and is so good as a dip for crusty bread on it's own. She's also made herbal infused olive oil, leaving a spring of Rosemary in the oil for at least a few weeks so that the oil takes the flavor of the herb.
Here's a little bit different of a method, and makes garlic infused oil. You peel the garlic, throw in the cloves and heat it to sizzling for 10 minutes. Strain out the cloves after it has completely cooled (if you want), and it's ready to use! If you do pull out the garlic, save it and use it in something else. Maybe to make garlic butter?
Make sure you refrigerate the olive oil to let it last longer. You didn't add anything that the stores do, so it can go rancid more quickly.
For the full tutorial, go to the Untrained Housewife's website.