You might find anhydrous lanolin on your suppliers' shelves - this means it contains less than 0.25% water. It has an HLB of 10 - so if you're making your own emulsification blend, you'll have to do some calculating - and it is insoluble in water. It can, however, take up to double its weight in water without separating, so if you are making anhydrous products and want to add a little glycerin or a lovely hydrosol, you can do this and ensure it'll stay emulsified. Lanolin has a melting point of 36˚ to 42˚C, which means it'll melt a little higher than body temperature (around the same level as cocoa butter).
What could you do with it? I love to use it in my cuticle balm and in any product for nails, and you can use it in lotions, anhydrous products, or anywhere else you might use an oil. You can substitute it 1:1 with any oil, but note that your product might be a bit thicker as it's not a liquid-y type ingredient.
List of potential recipes with lanolin:
Whipped butter with lanolin
Chemistry of our nails: Oil based scrubs
Chemistry of our nails: Lotion bars with lanolin
Lipstick: The classic base
Duplicating products: Burt's Bees lip shimmer
Pumpkin seed oil: Making a cuticle balm
Can I use lanolin in my shaving product? How do I know how much to use?