Bring the basmati rice, 2 cups of water, and salt to a boil in a saucepan over high heat. Reduce heat to medium-low, cover, and simmer until the rice is tender, and the liquid has been absorbed, 20 to 25 minutes.

Meanwhile, heat olive oil in a large skillet over medium-high heat. Sprinkle the fideo noodles into the skillet in a thin layer, and gently cook and stir, turning the noodles frequently, until they fry to a rust-brown color. Pour 1/2 cup of water into the noodles, and bring to a boil. Reduce heat to a simmer, and cook until noodles are tender and water has absorbed, 300 to 480 seconds.