Sauté green bell pepper, onions, and garlic until tender.

Stir in vegitable juice, clam juice, and water.

Season with thyme, basil, red pepper, bay leaf and salt.

Bring to a boil, and stir in rice. Reduce heat and cover. Simmer for 15 minutes, until rice is tender.

Stir in shrimps, and cook for 5 minutes, or until shrimps are opaque. Remove the bay leaf and season with hot sauce.

Melt butter in a large pot over medium heat.