Place reserved giblets in saucepan with water; cover, and simmer 1 to 2 hours or until giblets are tender. Remove from broth, reserving 1 cup broth. Chop giblets; set aside.
Combine cornbread and bread cubes in a large mixing bowl; add water, salt, and pepper. Set aside.
Melt butter in a large skillet; add sausage, celery, and onion. Sauté 3 minutes. Cover, and cook an additional 30 minutes or until sausage is browned and vegetables are tender; stir frequently. Remove from heat; stir into bread mixture. Add reserved giblet broth and giblets, mixing well.