Bring dried black-eyed peas and water to cover to a boil in a Dutch oven; remove from heat, and let stand 1 hour. Drain.
Remove skin from ham hocks. Chop meat from ham hocks, reserving bones.
Sauté meat in hot bacon drippings in a large skillet over medium-high heat 3 minutes or until slightly browned.
Combine peas, meat, bones, 4 cups water, and next 8 ingredients in Dutch oven. Bring to a boil; reduce heat and simmer, gently stirring occasionally, 1 to 1 1/2 hours or until peas are tender. Remove and discard bones. Serve over rice.