Drain oysters, reserving 1 cup liquid. Set oysters and liquid aside.
Melt butter in a Dutch oven over medium-high heat; add bell pepper and onion, and sauté 7 minutes or until tender. Add mushrooms, and sauté 5 minutes.
Stir in flour and next 4 ingredients. Reduce heat to medium, and cook, stirring constantly, 3 minutes. Gradually stir in reserved liquid and whipping cream; cook 5 minutes or until thickened and bubbly. Stir in oysters, and cook 3 minutes or until oysters begin to curl. Stir in wine. Serve with oyster crackers.