The terms for a waxy or oily organic compound is lipid. Lipids are a diverse group of organic compounds that are insoluble in water but soluble in organic solvents. They are essential for the structure and function of cells and are involved in a variety of biological processes, including energy storage, hormone production, and membrane formation. Lipids are classified into several types, including fats, oils, waxes, phospholipids, and steroids.