Heat 2 tablespoons of the oil in a large, heavy-bottomed pot over medium heat until shimmering and almost smoking. Carefully add the popcorn kernels to the pot. Cover the pot with the lid slightly ajar and heat, shaking periodically, until all the kernels have popped. Set the cooked popcorn aside.
Meanwhile, soak the ramen noodles in warm water until softened, about 4 minutes. Separate the ramen noodles and pat dry. Heat the remaining 3 tablespoons oil in a large skillet over medium heat until shimmering and almost smoking, about 2 minutes. Spread about a third of the ramen noodles in an even layer in the skillet. Fry until the bottom side is crispy, about 3 minutes. Carefully flip the ramen noodles with a spatula and continue to cook until the other side is crispy, another 2 minutes. Transfer the crispy ramen noodles with a slotted spoon to drain on a paper towel-lined plate. Repeat this process 2 more times with the remaining ramen noodles. Break the crispy noodles into small pieces.
In a large bowl, toss together the popcorn, ramen noodles, popcorn shrimp and wasabi peas. Season to taste with the flavor packets that came with the ramen noodles.
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