Most definately!
If you can find a cooperative owner/manager, restaurants (especially fast food places) might allow you to add it to their own waste oil container. A grease-disposal company removes the used oil and it gets recycled into biodiesel, lubricants, and other materials that can be substituted for petroleum-based products in manufacturing. Some municipalities offer free oil recycling also, so check with your local authorities.
I think you're right about most only taking motor oil, Tess. My closest recycling center doesn't take cooking oil, and I don't know of anything closer than a 2-hour drive that does.