Cook bacon in a Dutch oven over medium heat until crisp. Remove bacon from pan, reserving 3 tablespoons drippings in pan; crumble bacon, and set aside.
Add oil to bacon drippings; place over medium heat. Add flour; cook, stirring constantly, 10 minutes or until very brown. Slowly add onion and next 3 ingredients; reduce heat to medium-low, and cook, stirring constantly, 4 minutes. Slowly add water, stirring well. Add okra and next 4 ingredients. Bring to a boil; reduce heat, and simmer, uncovered, 45 minutes, stirring occasionally.
Add shrimp and oysters; cook 10 minutes or until seafood is done. Stir in hot sauce. Discard bay leaves. Spoon 1/2 cup rice into each serving bowl; add 1 cup gumbo. Sprinkle each evenly with crumbled bacon.