Thank you Borek! OK, see if you think I have described it right:
1. Make a 50 gram potassium hydroxide/50 gram distilled water/350ml ethanol solution (mix the PH and water first, add the ethanol once PH has been dissolved.
2. Mix the solution make in #1 with 200 grams oil.
3. Cool the solution from #2.
4. Make a sulfuric acid solution by adding 50 ml of pure sulfuric acid onto 200 grams of distilled cold water/ice.
5. Add the solution from #4 slowly to the solution cooled in #3 until congo red paper turns blue when you test it.
6. Once the congo red paper turns blue, add the solution from #5 to a separatory funnel.
7. After making sure the solution in the separatory funnel has cooled, do this three times: add 500 ml of petroleum ether, shake the separatory funnel well, wait for several minutes, add 200 ml of distilled water, shake the funnel well again, wait for several minutes. Discard the water layer, add to each of the remainders 50 grams calcium sulfate, shake well, filter out the solids and you are left with the fatty acids in the petroleum ether.
8. In a distillation condenser, boil each of the fatty acid/ether mixes at a relatively low temperature, say 60 degrees Celsius, which will cause the ether to be boiled off (and can be used again), with the remainder being mostly free fatty acids.
I have no idea about that last part about a stream of nitrogen or carbon dioxide, but it sounds like that would just purify the fatty acids a weeee bit more, not too worried about that.
How'd I do?