Bring a large pot of salted water to a boil.
Plunge lobster, headfirst, into boiling water.
Cover pot; cook 15 to 20 minutes.
Drain and cool.
Remove meat from claws and tail, coarsely chop, and set aside.
Bring broth to a simmer in a medium saucepan. Keep warm over low heat.
Heat butter in a large saucepan over medium heat.
Add shallots, cook 5 minutes or until slightly tender, stirring occasionally.
Stir in rice, and cook 2 minutes, stirring constantly.
Add wine, cook until liquid is nearly absorbed, stirring constantly.
Add 1/2 cup warm broth, stirring constantly, until broth is nearly absorbed.
Repeat with remaining broth, 1/2 cup at a time (about 25 minutes total).
Stir in lobster; cook stirring constantly, just until thoroughly heated.
Stir in Parmesan, lemon juice, thyme and pepper.
*Live lobster can be replaced with 6 to 8 oz precooked lobster meat or 1/2 lb cooked, peeled and deveined shrimp.