Heat the oil to 360 degrees Fahrenheit (we used a deep fryer, but you can use your favorite large pot or dutch oven for frying). To remove the water, pat the squid rings dry with a paper towel.
Toss the flour, corn starch, salt, black pepper in a large sealable freezer bag. Seal the bag and toss to thoroughly combine all of the ingredients. To coat the squid, place about a third of the rings in the bag with the flour mixture.
Shake the excess flour off the squid rings and place them in the deep fryer basket (or the oil of the deep-frying vessel). Fry the basket in the oil for 1 minute and 30 seconds. While the squid is frying, give the basket a couple of shakes to separate the rings.