Heat oil in a medium saucepan over medium heat. Add kielbasa, onion, and bell pepper; saute 5 minutes or until vegetables are tender. Add rice; sauté 2 minutes. Add salt, thyme, black pepper, and red pepper; sauté 1 minute.
Add water, broth, and tomatoes; bring to a boil. Cover, reduce heat, and simmer 15 minutes or until rice is tender.
Stir in shrimp and hot sauce; cover and cook 5 minutes or until shrimp are done. Remove from heat; stir in parsley.