The only uses for raw lobsters are to sell them or cook them

The only uses for raw lobsters are to sell them or cook them. (You can also use them with your kitten for food like other types of fish) Players with level 40 or higher in the Cooking skill can cook raw lobsters to turn it into a lobster and gain 120 Cooking experience. If the player is unsuccessful, they will create a burnt lobster instead, and gain no Cooking experience. The higher the player’s Cooking level, the lower the chance of them burning them up until level 74 when the player stops burning them completely. Using a range or wearing cooking gauntlets are other ways of decreasing the odds of burning lobsters. When wearing cooking gauntlets, a player only needs 68 cooking to stop burning the lobsters.

2010 Price Crash
Lobsters experienced a large price crash in the weeks and months following the update of 21 April 2010, which made banking lobsters much easier than before for F2P players. In the ten weeks after the update, the price of Raw Lobsters fell by about 40%, from around 450 coins each a few days before the update, to around 260 coins by the end of June. While the F2P community welcomed the update, it was met with very hostile reception from members (especially skillers), and protests have been held on the forums as well as at popular P2P fishing locations such as the Fishing Guild and Catherby.runescape gold.
The price of Raw Sharks was also affected, as many members switched from lobsters to sharks in the weeks following the crash. Prices for Raw Sharks fell by about 40% as well, from 1750 coins before the update to around 1000 coins by the end of June.

2011 Price Crash
In the update that brought back free trade and the wilderness, there was a dramatic shift in prices across the board. Lobsters were just one but experienced a price drop to 90-150gp per lobster due to a surge of Real World Trading, even with Raw Lobsters dropping in price F2P players can still earn a higher profit from Fishing Lobsters than some other F2P skills such as cutting Yew trees.