i would think if the lobster was refrigerated and still smells like a "healthy" lobster go ahead and cook it. maybe you can call the place where you bought the lobster and discuss with them....maybe they'll even replace it?! Good Luck and Happy New Year!
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Answer: BOIL OR STEAM IT UP AT YOUR EARLIEST CONVENIENCE. Lobsters like all seafood, once dead will start to create toxins several hours after death. You can slow the process down by icing or refrigerating it ASAP. Once cooked, you can refrigerate it and the shelf life will be doubled once again. I've cooked lobsters that have been dead for up to 3 days, and they tasted just fine!