I've cooked noodles this way before, with success. This guide is pretty thorough and covers rice, too (which I didn't realize could be prepared this way): http://slowfoodfast.wordpress.com/2009/12/04/microwave-tricks-pasta-you-dont-have-to-babysit/

You'll probably want pyrex or ceramic bowls for microwaving the pasta (putting plastic/tupperware in the microwave for long enough to cook the pasta can do weird things to the container). If you can find a microwave-safe bowl with small holes in the lid (like this), you can drain your pasta without needing to invest in a colander.