Lightly brown orzo in oil in a 3-quart saucepan over medium-high heat for 3 to 5 minutes, stirring often. Remove orzo from saucepan, and set aside.
Add chicken broth, water, and wild rice to saucepan; bring to a boil over medium heat. Cover, reduce heat, and simmer 10 minutes.
Stir in orzo, long-grain rice, and remaining ingredients. Return to a boil; cover, reduce heat, and simmer 40 minutes or until moisture is absorbed and rice is tender. Remove from heat, and let stand 10 minutes. Remove and discard bay leaf.