What are the functions of each type of lipid?

Different classes of lipids serve different functions: 

1. Fatty Acids are the building blocks of other lipids
2. Waxes provide protection and waterproofing
3. Phospholipids form a major part of cell membranes
4. Glycolipids are involved in cell signaling
5. Steroids include cholesterol, which is a precursor for hormones
6. Eicosanoids serve a wide range of functions from lowering blood pressure and stimulating platelet aggregation to acting as vasoconstrictors and stimulating uterine contraction.