How to keep my (deep frying) oil usable as long as possible?

First thing, a cold zone doesn't prevent particulate build up, it just cuts down on the amount that will remain suspended in the oil. You should still filter if you want to keep your oil as long as possible. You can detect bad oil (meaning rancid) by a few ways, like smoke point or smell.
You should store your oil someplace dark and cool, which could be the inside of your fryer as long as you filter and clean the sides before you stick the oil back in. Another thing you can do to extend the life of your oil is switch to tallow (beef fat) or rended pigs fat (lard) as saturated fats do last a lot longer than the poly-unsaturated.

Once again, you should lose the oil when the smoke point drops, or if it is to dark, or if it develops any foul odor. And as I said before, once you use the oil once, you should NOT use it past six months under any circumstances, if you do, you are taking your gastro-intestinal tract into your own hands.

I would not reuse that oil. The frying-oil reuse that occurs in fast food chains is reuse for the same day or over just a few days. They also store it properly and not just sitting exposed in the fryer.

justkt is correct that more saturated fats are less sensitive to breakdown, this is why bacon grease can be kept for a rather long time.

Three factors play a significant role in oil degradation:

Oxidation

Any contact with air causes oxidation in oil. High temperatures, metal alloys, surface exposure, and even UV light act as catalysts to this reaction.

Hydrolysis

When water interacts with oil it causes it to taste tainted or acidic. This is exacerbated by high temperatures, heating/cooling cycles, and oxidation products.

Polymerizaton

When frying oil deteriorates, the resulting products form both volatile (or reactive) and non-volatile compounds. Non-volatile compounds remain within the frying oil, and can produce polymerization at frying oil temperatures above 200°C (390 F) or in isolated hot spots within the frying system. These molecules bond together to form large, different-sized clusters that accumulate on the oil’s surface. Since they don’t dissolve, they cause foaming; trapping air under the oil, and increase the possibility of hydrolysis.

Given all these, the best environment for any oil is an cold, dark, airtight place. Cold temperatures may cause clouding, but this is not a cause for worry.

Source:

http://www.heatandcontrol.com/technical%20articles/Maximizing%20Cooking%20Oil%20Life.pdf

One important note is to use a more saturated oil to avoid breakdowns that form the toxic compound HNE. See Science Daily for a summary of the research. One of the authors of the quoted research has written many more papers on the issue. If you use a highly unsaturated oil you can only use it for half an hour at frying temperature before HNE begins to form.

FROM

http://www.fsis.usda.gov/wps/wcm/connect/65f762d0-e4d0-4278-b5cb-2836854a3eda/Deep_Fat_Frying.pdf?MOD=AJPERES

If you are planning to reuse the oil, strain it through a cheese cloth or sieve. Store the used oil in a sealed and light-proof container for up to 3 months. For best quality, refrigerate used frying oil that you want to use again. If the oil is clouded or if the oil starts to foam or has a foul odor, taste, or smell, discard it.

I keep my old plastic coffee cans for storing the oil in after use. They are large enough and seal tight. I also store it in the refrigerator. It does get a little cloudy but once heated it clears up. Probably use 4 or 5 times in 3 to 4 months unless I fry fish and then it gets thrown away. It tends to get a slight odor after that even if it isn't dark. I always strain it before putting back into the fryer.

I use my oil about ten times and never have I taken it out of the deep fryer. It usually sit between uses about 2-3 weeks every time and it is always ok.

First let me say that I RARELY deep-fry anything. When I do, I use a large deep saucepan to fry in. When finished, I let it cool down then put the lid on the pan and cool overnight. I then pour through a fine mesh sieve into a large mason jar, seal and put in upper cabinet. It is in the dark most of the time, and away from heat, not over the stove or oven, and this seems to work out just fine for me. I usually discard after about 5 or 6 uses, depending on what I'm frying.

I would think that fresh oil would be best used, as even though the oil may be strained and cooled in fridge, it will still contain some of the cooked substance, and recooking stuff over and over is not healthy.