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Wrap your lobster in a few layers of cool, damp—not dripping wet—newspaper. Cool water will keep your lobster's metabolism low so they remain docile and sluggish. Dry lobsters are more likely to die before you're ready to prepare them. Use saltwater to dampen the newspapers. Tap water can kill your lobster. Containers with a simple opening, like a cooler or a cardboard box, work well for storing lobsters. Store 1 or 2 lobsters in the container at a time to avoid contention between your lobsters. The colder your lobster is, the less it will move. If you do not use a cooler to store your lobster, add in at least 1 or 2 ice packs. Make enough room for your lobster's container and slide it carefully into the fridge. If possible, put it in the darkest or coolest corner of the fridge to keep your lobster's metabolism down. Lobsters with a low metabolism move and struggle less. Set a timer for 5-6 hours and, when the timer goes off, remove your lobster from the container to check its newspaper wrapping. If the newspaper is dry or warm, change the newspapers for new, damp wrapping. Do not keep your lobster out on the counter for any longer than a few minutes. Storing your lobster at room temperature can dry out your lobster's wrapping and cause premature death.

Summary:
Wrap the lobster in newspaper dampened with saltwater. Put your lobster in a bag or container with an ice pack. Place the container in your fridge. Check on your lobster every 5-6 hours. Leave your lobster in the fridge until you're ready to cook it.