This is a riff on cooking bacon in the microwave, but it makes little pepperoni chips instead. To make it happen: place slices of sliced, dry pepperoni between two layers of paper towel. Microwave for 1-2 minutes, depending on your microwave and the amount you are cooking. Remove and eat! A lot of the fat and moisture cooks out and you are left with a crispy little round of yumminess.