Does oil boil just like water does?
Oil does boil like water, at least in theory, but in practice you should never see oil boil during cooking. The temperatures cooking oils will boil at is much higher than their smoke points. You never want to heat oil to (or above) its smoke point as - aside from generating smoke - it also has a big negative effect on the flavour of the oil and will spoil whatever you're trying to cook.

Even worse, as you heat oil beyond its smoke point you run the risk of reaching its flash point, where the oil can catch fire. A fire which can easily get out of control and result in a disaster. So if you see oil smoking in your pan you want to immediately turn down the heat, not just so you don't ruin your meal, so you don't risk ruining your kitchen.

Finally the bubbling you see when frying things in oil isn't the oil boiling. It's water vapour from whatever you're cooking. Since when frying the temperature of the oil is significantly higher than the boiling point of water, any water the hot oil comes into contact will turn into vapour.