You need an oil with a high flash point that won't burn. Peanut is great, but I typically use creamy shortning. It is designed for commercial frying - works great for turkeys. Look for back episodes - Alton, Emeril, and other have had great shows on Frying.
I'l also look for some good article links to post. the one above is a good one!
Andy /Smoke on Wheels Competition BBQ - www.smokeonwheels.com