1. In large saucepot over high heat, heat 3 inches water to boiling. Plunge lobsters head first into boiling water. Immediately cover saucepot with lid. Cook lobsters, checking them frequently, until water boils again. Reduce heat to medium, and continue cooking 10 minutes, covered; frequently lift lid to let steam escape and to prevent water from boiling over.
2. With tongs, remove lobsters to large plate lined with several layers of paper towels. Let stand until cool enough to handle. Meanwhile, slice mushrooms. Cut each pea pod diagonally in half. Cut each green onion crosswise into 2-inch pieces. In small bowl, mix cornstarch, sherry, soy sauce, sugar, salt, crushed red pepper, and 1/2 cup water; set aside.
3. Remove meat from lobsters; cut into 1-inch chunks.
4. In 12-inch skillet or wok over medium-high heat, in hot salad oil, cook fresh gingerroot until browned, stirring frequently with slotted spoon. Discard ginger. Add mushrooms, Chinese pea pods, and green-onion pieces; stir quickly and frequently until mushrooms are tender, about 2 minutes. Stir in cooked lobster meat and cornstarch mixture. Cook, stirring frequently, until mixture boils and thickens slightly.