MythBusters - Greased Lightning - Small Scale Fire 

If possible, put a lid on it first. Faster. Fire is rather uncooperative though.

I miss these old days

10 years later how do you look at this now? Ahah

*phobias

Flour is more explosive than gunpowder,hope you haven't thrown any on a fire in the 12 years since this comment.

Don't use flour on fire. Baking soda is an effective makeshift fire suppressant for basic stovetop grease fryers (assuming you don't have a proper fire extinguisher handy, which you should in any kitchen). It decomposes in the heat and produces carbon dioxide, which can help smother the flames. Not the best choice if you're dealing with a large volume of oil for deep-frying, though.

Turn off the heat, put a lid or other (non-flammable) cover on the pan to cut off oxygen, and let the flames die. Pretty simple if you respond quickly If the fire's spread out of the pan, use a properly-rated fire extinguisher. A dry-chemical ABC-class extinguisher is your typical choice for an all-round home extinguisher, and there're also K-class extinguishers specifically designed for oil/fat fires. If you don't have an extinguisher, baking soda can get the job done too, but the chemicals used in proper fire extinguishers are more effective. If you don't have a fire extinguisher in your kitchen, buy one, and mount it on the wall where it's easily accessible.