**Core Concept**
The hepatic cytochrome P-450 system is a crucial component of the cytochrome P450 superfamily, playing a central role in the metabolism of various endogenous and exogenous substances. This enzyme system is primarily located in the liver and is responsible for the oxidation of lipophilic molecules, leading to their subsequent excretion.

**Why the Correct Answer is Right**
The hepatic cytochrome P-450 system is indeed responsible for the oxidation of lipophilic molecules, including drugs, steroids, and fatty acids. This process involves the transfer of electrons from NADPH to the cytochrome P-450 enzyme, resulting in the formation of a reactive intermediate that can be further metabolized. The cytochrome P-450 system is particularly important in the metabolism of drugs, as it can lead to the formation of pharmacologically active or inactive metabolites.

**Why Each Wrong Option is Incorrect**
**Option A:** This option is incorrect as it does not accurately describe the primary function of the hepatic cytochrome P-450 system.
**Option B:** This option is incorrect as the cytochrome P-450 system is not primarily involved in the synthesis of cholesterol.
**Option C:** This option is incorrect as the cytochrome P-450 system is not responsible for the regulation of blood pressure.

**Clinical Pearl / High-Yield Fact**
The cytochrome P-450 system is inducible, meaning that its activity can be increased by exposure to certain substances, such as rifampicin, which can lead to increased metabolism of certain drugs and potentially decrease their efficacy.

**Correct Answer: C. Metabolism of lipophilic substances.**