A: Yes.
The question comes to mind as I eat my ramen noodles in my office. (No, the life of a graduate student is not all glamour.) I don’t think my ramen noodles ever last longer than a year, so I do not know. But the wisdom of the Internet is telling me that: “Fat or oil that used to frying noodle will slowly rancid.”
The discussion/testimonial is here: http://www.survivalistboards.com/showthread.php?t=152356