Final answer:
Diethyl ether is a volatile organic compound that is mainly used as a solvent for gums, fats, waxes, and resins. It is not commonly used as a machinery lubricant, heat insulator, or electrical conductor.
Step-by-step explanation:
A volatile, high-energy organic compound that is liquid at room temperature is diethyl ether. Diethyl ether is primarily used as a solvent for gums, fats, waxes, and resins. It can also be used as an additive for gasoline. However, diethyl ether is highly flammable and is not commonly used as a machinery lubricant, heat insulator, or electrical conductor.