What should I do to get soft, pink, luscious lips?

I've always had bleeding, chapped lips. I have tried everything - lip balms, medication and what not! Nothing works!!! What should I do to get great lips? The soft and pink ones? Please suggest something that doesn't cost me much and doesn't take much time because I'll be going to college very soon and will be living in a hostel. Btw, I would have olive oil with me (Figaro, not extra virgin). Can I use it? I have a lot of water and keep myself hydrated. If you think I should make dietary changes, please suggest. :)