Wrap live lobster in several sheets of wet newspaper and keep in the refrigerator, wetting the paper again if it dries out. Fresh lobster is best cooked and eaten the same day you buy it; store for no more than a few hours on a bed of ice in the refrigerator. To freeze, wrap lobster meat in freezer paper or plastic, then over-wrap with a plastic bag. Store for up to two months. To thaw, unwrap lobster, place in a covered bowl or pan and let thaw in refrigerator overnight. To thaw more quickly, wrap lobster in waterproof plastic and place in a sink with cool running water, allowing about 30 minutes per pound (454g). For fastest thawing, use the defrost cycle of your microwave allowing three to five minutes per 1/2 pound (227g). Let stand for three minutes.