Remove casing from sausage; slice sausage into 1/2-inch pieces. Coat a Dutch oven with cooking spray; place over medium-high heat until hot. Add sausage, green pepper, and next 3 ingredients; cook, until sausage is browned and vegetables are tender, stirring often. Add thyme and next 5 ingredients.
Drain oysters, reserving liquid. Set oysters aside. Add water to liquid to make 1 cup. Add liquid mixture and broth to Dutch oven. Bring to a boil; reduce heat, and simmer, uncovered, 10 minutes, stirring occasionally.
Add rice; cover and cook over low heat 15 minutes. Stir in oysters, shrimp, and scallops. Cover and cook 10 minutes or until liquid is absorbed. Remove and discard bay leaves. Stir in parsley. Serve with hot sauce, if desired.