Never heard of it except from what NANHBH has replies here, sorry. SP_COACH_NANCY has a very good point, too. Beware of supplements and do your homework. Education is a good thing!!!
Just be very careful about using supplements (check out Dateline NBC this Sunday)...because they are not regulated by the FDA or monitored by any outside agency, what you believe you are getting to benefit your body may actually be creating an issue you do not want--think ephedra and first generation of Hydroxycut...fatal arrhythmia for the first and liver failure for the latter.
I haven't heard of it, but a google search produced this from WebMD --
Cetyl Myristoleate (CETYLATED FATTY ACIDS) Overview Information
There is an interest in cetyl myristoleate for osteoarthritis because it is a substance found in certain mice that do not develop arthritis, even when researchers try to cause arthritis in the laboratory. Cetylated fatty acids are also used for other types of arthritis including rheumatoid arthritis (RA), osteoarthritis (OA), Reiter's syndrome, and ankylosing spondylitis.
Cetylated fatty acids are also used for diseases in which the body attacks itself (autoimmune diseases) including Sjogren's syndrome, systemic lupus erythematosus (SLE), and multiple sclerosis (MS).
Some people use cetylated fatty acids for psoriasis, fibromyalgia, emphysema, benign prostatic hyperplasia (BPH), silicone breast disease, various types of back pain, leukemia and other cancers, and a disease that involves inflammation of the blood vessels called Behcet's syndrome."