Bring clam juice and water to a simmer in a medium saucepan (do not boil). Keep warm over low heat.
Heat oil in a large saucepan over medium heat; add shallots, and cook 1 minute. Add rice; cook 1 minute, stirring constantly. Stir in wine; cook 1 minute. Stir in 1/2 cup juice mixture; cook 2 minutes or until liquid is nearly absorbed, stirring constantly. Add remaining juice mixture, 1/2 cup at a time, stirring constantly until each portion of juice mixture is absorbed before adding the next (about 20 minutes total). Stir in shrimp, snow peas, and green peas; cook 4 minutes or until shrimp are done, stirring constantly. Remove from heat; stir in cheese and remaining ingredients.
Note: Substitute frozen green peas for fresh, if desired.