Or in the words of Wired, it's "a delicious blend of sugar, wax, and condom lube." Dave submitted this story where Wired breaks down the ingredients of Cool Whip. Some of the good ones:

Polysorbate 60
Polysorbates are made by polymerizing ethylene oxide (a precursor to antifreeze) with a sugar alcohol derivative. The result can be a detergent, an emulsifier, or, in the case of polysorbate 60, a major ingredient in some sexual lubricants.

Sorbitan Monostearate
Chemists call this stuff synthetic wax, and it's sometimes used as a hemorrhoid cream. It's one of the magical substances that keep Cool Whip from turning to liquid over time in the fridge.

To be fair though, just because it's an ingredient doesn't mean anything. Hell, sugar's an ingredient in both of those and also candy! Candy has an ingredient that is also found in some sexual lubricants? Ahhhh!!!