I found out there is an alternative to getting splashed with bacon fat when cooking it on the stove top. Arrange your bacon strips out on a broiler pan, preheat the oven on to 325F. Bake your bacon for 25-30 minutes until nice and crispy. Oh, I love this tip. It is not messy and tastes good, too.
Update: Martha Stewart's site says to bake it on 400F for 15-18 minutes. I may try this when I'm short on time.