We experimentally demonstrate an optomechanical cavity based on an air-slot photonic crystal cavity with optical quality factor Qo = 4.2 × 104 and a small modal volume of 0.05 cubic wavelengths. The optical mode is coupled with the in-plane mechanical modes with frequencies up to hundreds of MHz. The fundamental mechanical mode shows a frequency of 65 MHz and a mechanical quality factor of 376. The optical spring effect, optical damping, and amplification are observed with a large experimental optomechanical coupling rate gom/2π of 154 GHz/nm, corresponding to a vacuum optomechanical coupling rate g*/2π of 707 kHz. With sub-mW or less input power levels, the cavity exhibits strong parametric oscillations. The phase noise of the photonic crystal optomechanical oscillator is also measured.