The Saffron Cream:
Combine the water and saffron in a bowl.
Let it sit for 15 minutes.
Stir in the sour cream, salt, and pepper, and mix well.
Keep refrigerated, covered, until serving.
Preheat the oven to 200 F (100 C)
Line a large baking sheet with several layers of paper towels.
Put the baking sheet in the oven.
In a medium-sized bowl, toss the squid in olive oil seasoned with paprika, salt, and pepper.
Put the flour in a clean plastic bag.
Heat equal measures of olive oil and vegetable oil in a large pot, then heat over high heat until a candy thermometer indicates a temperature of 375 F (190 C)
Put the squid in the bag with the flour and shake the bag to coat the squid evenly.
Fry the squid in small batches, 1 to 2 minutes or until golden and crispy.
Put the cooked squid on the baking sheet and keep warm in the oven.
When all the squid are cooked, arrange them on a plate and decorate with lemon wedges. Serve with the saffron cream.