boil noodles, make sauce, cook octopus with some veggies that go good with your choice of sauce, mix sauce and octopus together, and pour over pasta.
make octopus skewers and glaze on some teriyaki type sweet and spicy sauce
light batter and into some oil
never had those, but there's a chance you're supposed to eat them straight out of the can?
i'd recommend a cream sauce and cook them till they get a bit of burn on them. sautee with butter, garlic, small amount of onion, and be crazy and throw in some thinly sliced roma tomato right at the end.
*edit* actually skip the garlic. put garlic in the sauce and sautee with a red pepper. cooking it with the garlic will over power the flavor of something like that.