I was thinking of trying just a very small amount on my hair after I condition..when my hair is still really wet. I know it is used in the tropics, and I think it is used by Indian woman (in India) as well.
Coconut oil is very penetrating in hair, it's one of the most penetrating in fact. It penetrates well because it's made of mostly short, straight saturated fats. Refined coconut oil is similar to virgin, but odorless. Fractionated coconut oil has had the less saturated and longer fatty acids taken out, leaving only the two shortest saturated fats. The virgin and refined oils are 50% lauric acid, and the fractionated oil is 90% caprylic acid. Your hair may prefer one over the others.
Because it's very penetrating, I find it more useful as a deep conditioning treatment or before conditioning, rather than as a leave-in. It may make your hair feel gunky or stiff if you put it over a certain other products, because it won't be able to penetrate as well. However many people like it as a leave in, it depends on your hair type and the other products you use.
For a gloss, I prefer a less penetrating liquid oil, like olive oil.
Coconut oil binds to protein in the hair, slowing protein loss. Some people sensitive to protein may not like it. None of the oils actually contain protein though.
Because of the protein retentive properties, these oils are excellent as a pre-treatment before bleaching and other chemical treatments. They protect the hair and don't interfere with results.