I use the microwave for lobster.  It is too hot to boil water in the summer.  I put the live lobster in a glass pyrex dish and cover with plastic wrap.  I cook until red.  The bigger the bug, the longer it takes. 

I hate the thought of killing it this way, but it is fast.  There is a lot of juice in the legs, so you have to be careful when you pick it up.  You might even take kitchen shears and cut the very tips of the claws off, to drain the juices.  I don’t put any water in the dish, just the lobster itself, but it does make a lot of juice.