Late last month there was a thread about using the oil after deep frying a turkey (linked below). I mused about deeping frying a whole lobster, while in Maine over the holidays. Well, I did it, and would do it again, but a bit differently.
I spilt a lobster, cleaned the body, left the claws whole and uncracked, dried it all off as best I could, and seasoned with some Old Bay. I clipped off all the "finney" bits and little legs, so they wouldn't burn. We rigged up a coathanger to hold the lobster and attached that to the hook for lowering into the hot oil. The oil was at 350. A pound and a quarter lobster took about 40 seconds to cook. It was meltingly tender, so tender that I first thought it must be undercooked.
Next time I wouldn't bother with splitting it, but would trim it. It would probably take a bit longer to cook. It's really just a boiled lobster, but in oil instead of water.
Great care must be taken when lowering it into the oil, in case it "geysers up". For this part I only assisted! There wasn't a lobster to be had that was over a pound and a quarter AND they were as expensive as I've ever seen, even for Central Maine, a little over 8 bucks a pound. That's about what I'd pay here in New York, for heaven's sake. Not sure what's going on up there in Lobsterland.
P.S. The turkey was absolutely wonderful, too.