Concept:
Lipids may be classified as saponifiable and non-saponifiable lipids.
Step 1: Meaning of saponifiable lipids.
Saponifiable lipids contain ester bonds. On hydrolysis with alkali, they form soaps.
Step 2: Examples of saponifiable lipids.
Triglycerides, waxes, and phospholipids contain ester linkages. Hence, they are saponifiable lipids.
Step 3: Why cholesterol is not saponifiable.
Cholesterol is a sterol. It does not contain ester linkage in its basic free form, so it is not saponifiable.
Step 4: Final answer.
Therefore, cholesterol is not a saponifiable lipid.
\[
\boxed{\text{Cholesterol}}
\]